1) The general description is something that is new, fresh, shiny, street smart, genius and insightful without being 'nerdy'. This usually refers to an idea, thought, a joke, etc.
2) A similar definition is also an adjective, describing someone that is virtually hairless and has a body free of acne.
1) 'Aw man, I have to find a washroom in this park!'
'Don't worry about it; just go to the stream because no one goes there. Also, your crap is full of nutrients for the plant life. I'll watch your back.'
'Dude that's such a waxy idea'
2) 'That Asian over there is quite waxy.'