I have never considered using a wax. I rub down all of my components to remove all of the excess oil, then I put on powdered graphite. Works very well for me, and I hunt in some darn cold weather from time to time. I know many other guys around here who do the same thing. Getting a little water on my action has never worried me. I just make sure I dry it off good when I get back home at night. Getting snow and water on my scope does worry me, though, because it is difficult to shoot when you cannot see, so I have have a pair of those Blizzard Creek scope caps that flip up with the touch of a finger installed. I got the ones with the clear plastic in the middle so that I can still take a quick shot in a storm if necessary.