I believe that, in laymans terms, every time an element passes its half-life, it's level of radioactivity is halved.
There'll be people who can describe it in more technical detail than me though.
EDIT: So, let's say something starts out with a radioactivity level of x, and has a half life of a year.
After a year, the element's radioactivity level is at x/2.
After another year, the element's radioactivity level is at x/4.
After another year, the element's radioactivity level is at x/8.
etc.
So nothing really ever loses all it's radioactivity, too. It's more a matter of waiting until it's radioactivity is at a safe level.