Paraffin wax and paraffin are not the same at all. If you use paraffin you would get no benefit at all. paraffin wax is normally available from turners supplers, such as Craft Supplies http://www.craft-supplies.co.uk/ in Derbyshire. If you can't get hold of any, the ends of timber may be sealed with any oil-based paint (e.g. old gloss door paint) which is one way to use up the ends of tins
I use Paraffin Wax. works great. Just watch when you heat it up.
I get mine from a company that makes corrugated boxes and then wax them for fish packing etc.