parafin
Richard-
I use parafin, but was taught a valuable lesson about how to use it effectively. The first load of wood I rescued for turning, I painted parafin onto the end grain. I made a mess of my driveway, and the wood cracked and fell apart. The problem with this scenario is that the parafin doesn't penetrate the wood because it cools quickly, congeals on the surface, and easily separates from the wood. Under these conditions some leftover latex house paint would have done a better job.
I attended a workshop at Craft Supplies last June. You probably know they process and sell a tremendous amount of wood for turners, sealed with parafin and in some cases also shrink wrapped. Rex was kind enough to share the secret of successful parafin sealing, which is get the parafin very hot (I like to see a few whisps of smoke), then dip the stock into the parafin. You'll actually see the air bubbling out of the wood, which is good, because you're also getting parafin penetrating into the wood and occupying the spaces voided by the air.
Obviously, this technique is not meant for the end of a log, or the feint of heart. I use it for processed blanks, and I'm very wary of the fact that parafin is highly combustible and getting very close to the combustion point with this approach.

I keep an eye on the temperature of the parafin, have a lid handy to smother the pot (I've never had to do this. Yet.), a fire extinguisher within reach, no open flame (a cheap hot plate works fine), and lots of clearance.