Here's my approximate recipe for what is traditionally known as coad or hand wax
60% pine pitch, 39% beeswax, 1% Olive oil - extra virgin
Pitch: I usually collect my own but you can buy it cleaned an ready to use here - a pound goes a LOOOOONG way:
http://jas-townsend.com/product_info.php?products_id=373
I use an old crock pot to heat mine up:
1) melt the pitch first since it takes more heat, add your wax, and oil.
2) Pour off into old yogurt containers or something else that can handle the heat like an ice cube tray - you can use ice water to keep the tray/containers cool. I pour just enough into the containers to make a nice sized ball. Or you can let the mix cool a bit and then pour into a deep bowl of cold water. Then pull it like taffey to form your balls of wax/pitch.
The folks over at the Crispin Colloquy - a shoemakers site - discuss variations on the idea.
http://www.thehcc.org/cgi-bin/discus/discus.cgi