Old English weax "substance made by bees," from Proto-Germanic *wahsam (source also of Old Saxon, Old High German wahs, Old Norse vax, Dutch was, German Wachs), from PIE root *wokso- "wax" (source also of Old Church Slavonic voskŭ, Lithuanian vaškas, Polish wosk, Russian vosk "wax" (but these may be from Germanic).
Used of other similar substances from 18c. Slang for "gramophone record" is from 1932, American English (until the early 1940s, most original records were made by needle-etching onto a waxy disk which was then metal-plated to make a master). Waxworks "exhibition of wax figures representing famous or notorious persons" first recorded 1796.
adjective suffix, "full of or characterized by," from Old English -ig, from Proto-Germanic *-iga- (source also of Dutch, Danish, German -ig, Gothic -egs), from PIE -(i)ko-, adjectival suffix, cognate with elements in Greek -ikos, Latin -icus (see -ic). Originally added to nouns in Old English; used from 13c. with verbs, and by 15c. even with other adjectives (for example crispy).