I rub beeswax on wooden handles of garden tools and kitchen knives, for a grip that's almost sticky. The friction is so high that, if it's a tool that has to slide in one of your hands, like an axe or splitting maul handle, beeswax can encourage blisters faster than other finishes.
Usually I also soak a little mineral oil into the wood to protect it from water, but that leaves a slippery grip, which the beeswax corrects.
Paraffin wax is cheaper, but leaves a hard, slick surface that doesn't improve the grip. But it does protect aganst splinters and blisters somewhat, if the handle has to slide as you use the tool.
To protect metal, a thin coat of paraffin may last longer than motor oil or mineral oil. One way to get a thin layer of wax is to rub on some Johnson Paste Wax, or make your own with paraffin dissolved in mineral spirits.
