胡说 means someone say something nonsense, false, etc., which emphasizes that the information someone expresses is wrong, while 废话 is used when people complain that someone say something that is not worth mentioning. For example, if a guy is asked to make a self-introduction and he says that his mother is a female, then you can describe what he says as 废话, for it is a common sense that woman gives birth to babe. And 废话 can be used in another way. For example, if A and B are having a discussion about a specific topic, but A goes astray and talks about other stuffs, then B may command that A should 少废话 to draw back to the focus. However, what A talks about may not be wrong information itself. It may be correct, just not related to the topic and is not worthy of mentioning during the discussion.
Hopefully it can be of some benefits for you.