I'm going to give waxing a try on my MTB. I picked up a cheap 2qt crock-pot for $10, and a few pounds of paraffin wax at $2.50/lb. I got about 2.5lb of wax melted in the crockpot. It took about 4 hours to melt, though. I'm currently degreasing my chain in in a jar of gasoline, and I cleaned up the cassette, derailleur, and chainrings.

If all goes well, I'll do the same with the commuter, and then my wife's bike (which only gets ridden about 30-40 miles a month).