The paper that bonds to the penis head or shaft after a guy jerks off into a tissue, toilet paper, napkin, paper towel, or something of the like.
Most common is when a guy jerks off into a kleenex. The more kleenex that is chosen, the less likely he is to have whax paper. But you don't want to use too many kleenex and risk running out for the next session. So 4 are average, but 3 normally will suffice. The semen, having glue like properties, will form a stronger bond with the paper the longer the paper is in contact with the jizz. If one jerks off into 3 kleenexes, then passes out, their dick risks being mummified. Immediate shower is necessary. Not cleaning whax paper residue properly can lead to urine being rerouted to the outside of the toilet.
A guy watches a Cinemax movie late night, replays the best nude scene over and over on his Tivo until climax into some toilet paper. He gets up, throws out paper, and goes upstairs and passes out next to his wife or girlfriend. The next morning she gets frisky, reaches down for his cock.
"Wait a second, is that whax paper?" At this point there is nothing a man can say, so it's best he fills his mouth with pussy.