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Right (what ElP said). Leave it alone now.
After all the yeast falls out you want to seal it.
When you want to use it remove it from the fridge and make a starter with it.
Boil up some malt for your starter, let it cool. When you get ready to add it to the yeast pour off most of the water then.

there is about a 3/4 " cake forming at the bottom of the container

and its
still a little cloudy.... thats a whole lot of yeasties

I, too, concur.

You're doing okay; everything posted here is the way I do it, too.
I know of a couple of guys who have frozen their yeast with g
lycerin (available at most drug stores) to keep it from freezing completely and forming ice crystals, which supposedly can damage the yeast. Never tried it myself, but they've said it works.