There are a few very important key things to do, but yes it's generally possible. With some practice, it's even less wasteful (though not at first probably), and some could argue time-saving.
So, the first real problem to tackle is storage. You don't really want to store things in plastic containers. You want to favor glass or pyrex (soda ash) with a good sealable (plastic works well here) lid. Generally, you should avoid Rubbermaid or Tupperware plastic containers. If you do want to use plastic get the disposable kind. The main reason is strongly caustic foods (like tomato sauce) tend to "melt into" the plastic making them hard to clean, and very hard to remove that taste. Using glass, even if it has a plastic lid, removes that problem. As do disposable solutions, but those make a lot of waste.
Next is going to be storage. This is tricky. Avoid the freezer for foods that separate. Normally this is foods that have fruits or high water content. Honestly I never freeze (preference) but that limits me to about 4-5 days. If you freeze you can get longer (weeks I suppose), but I hate when the act of freezing changes the flavor of the food. Do not store at room temperature. At best you will get a day or two, and that can be pushing it.
Labeling is very important. You should label what the food is and most importantly when it was cooked.
Store like foods together. For example, if you make a ton of Penne (just the noodles) store the 10 pounds of pasta together. In one bowl. Save the mixing it in with the sauce for later.
You will have to experiment a bit for this one, but try to stick with foods that have simple textures. You don't want to store food that isn't right if it's a bit too soggy, or that is nasty if it's a bit too crispy. Instead things like corn, green beans, peas, chicken thigh or breast. Things that don't rely on texture much. Conversely, don't try anything that has a texture that needs to be just right. I find that sauces, soups, and stews work well. Crisp foods like salad do not.
Finally, for your own sanity. Don't stop eating out. It's easy to rely on the pre-made meals, but that means you miss out on relaxing or taking a break from the sameness.