On Wax Edit Meaning

1.

ok actually on wax reffers to anything recorded in a recording studio. (a throwback to when records had wax grooves)

yo, man, i wanted to kill these nigga's but decided to keep the beef "on wax". Let em hear it in the street!

See wax, on wax, waxy

2.

something has to be done, but is put to a stop, for the time being

yo, we gon kill that bitch, but its on wax right now