I did the paraffin thing in the '80's. Back then you could buy the tins of paraffin from places like Nashbar & Performance. After all the mess of heating the tin in a pan of water, and dipping the chain, then putting it back on the bike, it was good for one ride, then would start squeaking again.
Jobst Brandt on paraffin:
"Paraffin (canning wax), although clean, works poorly because it is not mobile and cannot replenish the bearing surfaces once it has been displaced. This becomes apparent with any water that gets on the chain. It immediately squeaks."
Ref:
http://www.sheldonbrown.com/brandt/chain-care.html