The process is quite simple and the only components needed are Paraffin wax and some jute twine. The paraffin can be purchased at most grocery stores and the jute I had was used to tie the feed sacks at the farm, or you can pick some up at most hardware stores.
I used a pot of boiling water and a jar as a double boiler to melt the wax in.
Once the wax was melted I added the jute twine and kept the wax heated to the liquid point for close to an hour.
Once it was saturated I removed it to allow it to cool and set up.
To test the water resistance I cut off a 2" piece and floated it in a cup of water for close to an hour to see how well it would hold up.
To use it you just pull the strands apart to make a small "bird nest" and light it up.
I like the stuff and although I prefer to use natural tinder's like fatwood shavings or Poplar bark I thought it worthwhile to add to what carry for fire starting.