Oh boy, this topic has a tendency to be a bit controversial but a perhaps a little less so than the "grease/no grease on the BB spindle taper" debate. I can't recall if we've hashed it out on the CR list but it is fairly routinely discussed on the iBOB list. You might want to search the iBOB archives for pros, cons, and howto:
Some proponents melt the paraffin with some mineral oil and others use straight paraffin. Always use a double boiler arrangement and, preferably, do it outside so you don't end up with a kitchen engulfed in flames... The chain is immersed in the molten paraffin, removed and allowed to drip dry, then fitted to the bike. It will throw flakes for a bit after treatment. General consensus (to the extent that there is a consensus) is that it is a decent treatment for dry conditions but less favorable for wet conditions.
No warranties express or implied,
Charlie "I'll try it one of these days" Young
Honeybrook, PA
> Since I ride my older bikes usually only in good weather,
> I have contemplated waxing the chains. That would keep
> them much cleaner - especially ORO chains and freewheels
> aren't all that "oro" after a few hundred miles (or
> kilometri?).
> What do people think?
>
> Will the components last as well as with oiled chains?
>
> How to do it best?
>
> Jan Heine, Seattle
>
> _______________________________________________
>
Charlie Young
Honeybrook, PA