The newly formed songwriting team joins previously announced book writers Mark O'Donnell and Thomas Meehan, who won a Tony Award for their Broadway adaptation of Waters' Hairspray.
Reached in New York where he is working on the sound mix for his forthcoming movie, A Dirty Shame, Waters explained that Schlesinger and Javerbaum submitted two songs - "One Tear" and "Girl, Can I Kiss You with Tongue?" ("That one won my heart," the filmmaker said.)
Citing Schlesinger's skill at turning rockabilly "into a Broadway sound" and Javerbaum's ability to be irreverent "without being mean," Waters added, "They just seemed to get it."
Schlesinger was nominated for an Oscar for the title song for Tom Hanks' 1996 movie, That Thing You Do!. Javerbaum won a 2000 Richard Rodgers Development Award for his off-Broadway musical, Suburb.
Cry-Baby, based on Waters' 1990 movie, is aiming for a spring 2006 Broadway opening. "We have a pregnant woman, the ugliest woman in the world and the sexiest, and they're all in a gang," Waters said. "That seems like Broadway to me."