"Waste heat" has nothing to do with the correct heat pump explanation -- heat is pumped from the inside out or the outside in. Your specious explanation implies some intrinsic energy property of the cfc can be used to heat and cool the house simply by compressing or expanding it -- that is nonsense and a good candidate for the fools' perpetual motion machine Hall of Fame.
steve86 may lack a little tact but Dr. Heat Pump would have to come down on his side on this one.
Though, I can imagine a vapor-compression refrigeration device used to capture waste heat from the compression of a gas. This would be an auxiliary unit used for heat reclaim and would certainly be secondary to the main process.
So if you happen to be running a 75HP air compressor constantly, you may be able to heat your house for free.