Just was experimenting around with making my own wax. Tried a few things. Using Paraffin wax as a base I tried adding got glue sticks.. this kind of worked dissolvability was an issue. I also found that Sears sells PE drop cloths for painting at about 2 bucks a lbs. It is marked as #4 recyclable which is Polyethelyne. I took the "log" of drop cloth and sliced it with a serated knife. Worked fairly well. I then melted the wax, added the PE and the die color (blue in this case).
One thing I did that most people probbaly did not is I experimented with HDPE and PE and Hot Glue. I also experimented with temperatures. According to the MSDS the flash point of Pariffin is above 450 F in open air and the Flash point of HDPE and PE is also above 450 F (someone check that to confirm, don't take my word for it). In any case I used a Digital Multimeter from Sears with a thermal Couple on it to measure temperature more exactly. I also used a stainless bottomed cooking pan. Worked fairly well took it right up to about 460 F (the self ignition temperature of these materials are way above 450 F so no worries there provided I don't accidentally drop a flame into them). I was able to melt most of the hot glue (I only added one small stick to about 1.5 shot glasses worth of Paraffin beads). I also added about half a shot glass of PE to it to see what happened. Turned out quite well. The wax is slightly flexible when cool it can be broken still but it gives a bit when you flex it and also cuts well (Haven't tried milling it yet).
I also tried half a shot glass of HDPE in a different batch couldn't get it to melt so I removed it. This batch is significantly more brittle then the one with PE and Hot Glue in it. I then mixed up a final batch with only PE in it this too is a bit more brittle then I want but probably better for machining.
Moral of the story dont' be affraid to heat up to 450 F with these but make sure you are very very careful. Wear a face mask and some protectant clothing. Also have a fire extinguisher near by just in case. And I recommend doing it where the fumes won't be a problem.
The hot glue addition is going to be a fun experiment.
Here is the hot glue I used (from Walmart)
http://www.adhesivetech.com/industri.../adhesives.cfm
Even melted it is still a bit more viscous then I'd like. It also raises the solidous temperature of the wax. At 200 F the PE Wax started to congeal. I guess it really depends on your application. I'm still looking into what temperature they cook the wax out of lost wax casting molds.