surfboard (not a soft top board), base wax, cool/warm water wax,
Step1
Make sure the surface of your board is clean. Use a plastic scraper (available in most surf shops) to remove old wax or wax residue.
Step2
Start with the base coat. Using a side-to-side motion, rub the stick of wax on the surface (top side) of your board (not on the side with the fins). Press hard (not too hard but enough so that it sticks) to create a layer of wax and be sure to cover the areas of the board where you will stand. Some say that you should wax the entire board (nose to tail) but it's not really necessary. You may/will/should use most of the bar.
Step3
Take the bar of cool/warm water wax. Using a circular motion (4" to 6" circles), create a top layer of wax on the board. Reverse directions of your circles from time to time. You will start to see little bumps or beads of wax forming on your board -- this is a good thing. It creates traction or friction for your feet when you stand. You will use 1/4 of the bar, approximately. Don't let the beads get too big or they might hurt you. Once you like what you see, you're done!
Tips & Warnings
Wax both sides of your board for a better grip when you duckdive. Two or three up-and-down swipes will do.
The first time I waxed my board I spent a good 40 minutes to get it done and looking right.
Re-wax your board (usually just the top layer) before each time you go out in the water. A new, light layer will do.
Keep your bar of wax in a plastic bag so it doesn't get covered in sand. Also, if it's in your car in warm weather, it'll probably melt, so the bag will prevent a huge mess.