Collecting wax can be time-consuming if you are gathering a large quantity. There are 4 messages: one after spraying the hive and 3 after using the bucket. The bees will return to to hive if you continue through the chat fully. However, if you use another bucket on the hive after the second message appears ( "You get some wax from the hive." ) you can keep collecting until you have no more buckets.
During Troll Romance it is used with Swamp tar to make wax.
During Merlin's Crystal it is given to the Candle-maker in exchange for a black candle.