An old carpenter taught me this trick a few years ago. We were installing doors in a State Police barracks remodel and he pulled out of his box a piece of wax ring used for toilets.
He had melted it into a tuna can; he placed all of the screws needed for the hinges into the wax, point first. This wax helped the screws go into the solid wood doors with ease.
Wax rings are made from a petroleum product, and other ingredients that each manufacture holds as proprietary. The petroleum is shipped to the factory and stored in liquid form at 170 degrees Fahrenheit until it is needed. The petroleum is then mixed with the other chemicals that will solidify at room temperature and are then poured into aluminum molds coated with a release agent.
Wax ring molds are made in different thicknesses and can be purchased quite cheaply. come in standard 3- or 4-inch sizes. The aluminum molds are cooled with water until the wax turns solid. The molds are then flipped upside down, and the rings fall onto a belt, where they are moved to a packaging area then package for stores.
Some more uses for this wax that I have used and uncovered are;
Drawer slides. A thin coat of wax on the wooden rails makes the wood drawers on an antique bureau slide smoothly.
Un-stick windows. Use wax to lubricate the sashes of windows that want to stick.
Free rusted nuts. Help loosen a rusted nut by coating the threads with some melted wax. This will lubricate the bolt's threads.
Wax wood. For wood that needs to look good but takes no wear such as exposed ceiling beams, heat equal parts wax, linseed oil, and turpentine. Do not mix over open flame as the turpentine will ignite. Apply with a brush or rag while the mixture is still warm.
Keep metal from rusting. To prevent rust caused by moist air, brush on a solution of wax melted into turpentine. Buff it with a towel to create a thin, hard coat.
Coat hand tools. Before storing rub all metal parts and wooden handles with wax, this will prevent rust and degrading of handles.
Lube screws. Rub wax over the threads of screws to make them drive easier and quietly into wood.
Wax concrete counters. Give a sealed, dark concrete countertop a natural luster by rubbing melted wax over the surface with a cloth. Let it dry and then wipe.
Preserve patina. Seal a copper sink by rubbing it with softened wax and buffing off the excess with a rag.
I'm sure there are many other uses and you may want purchase an extra wax ring and make use of the lubricating, preserving, and useful properties.