A conceptual target and blanket design for an accelerator transmutation of waste system capable of transmuting the high-level waste stream from 2.5 light water reactors is described. Typically, four such targetblanket designs would be served by a single linear accelerator. The target consists of rows of solid tungsten rod bundles, cooled by heavy water and surrounded by a lead annulus. The annular blanket, which surrounds the target, consists of a set of actinide-oxide-slurrybearing tubes, each 3 m long, surrounded by heavy water moderator. Heat is removed from the slurry tubes by passing the slurry through an external heat exchanger. Long-lived fission products are burned in regions that are separate from the actinides. Using the Monte Carlo codes LAHET and MCNP, a conceptual design for a beam current of 62.5 mA/target of 1.6-GeV protons has been developed. Preliminary engineering analyses on key system components have been performed. A preliminary layout of the concept and the associated primary-heat transport subsystems was developed, demonstrating a multiple-containment-boundary design philosophy.