In a large bowl, cream the butter and peanut butter with a mixer.
Once it's blended well, slowly add the powdered sugar. Usually, after the second cup, I'll check it every few times to make sure the mixture isn't too dry.
Once you've added all the sugar, it should be a nice soft consistency, not sticky and easy to roll but not dry to where it crumbles. If you put all the sugar in and it's still to sticky to roll, try putting in more a little at a time until it gets to a good rolling consistency.
Roll dough into balls. The size depends on how big or little you would like them.
Lay the balls on the wax paper in a row and then put in the freezer while you melt the chocolate.
To a medium size pot, add about 2-3 inches of water and bring to a boil. Once boiling, lower to a simmer and place a metal or glass bowl on top, making sure the bottom doesn't touch the water.
Add chocolate to the metal/glass bowl. Add wax and mix until it and the chocolate are both melted and a smooth consistancy.
Once the chocolate is melted, take out the peanut butter balls and set them beside your pot of chocolate. Drop in one or two of the balls into the chocolate and then scoop them out with a fork or spoon. Set them on another cookie sheet or pan lined with wax paper.
Once your finished, set them back in the freezer for about 5-10 minutes or until hard. They're ready to be served or stored in a decorative tin.