Originally cited in the eponymous Key and Peele
sketch, it means "to handle with efficiency and
skill more than equal to a given challenge creating a much improved situation esp. while causing discomfort and humiliation to individuals obstructing such improvements".
The likely etymology being that waxing a pussy (singular) would merely require
wax (and patience). If
one were to create a device capable of waxing pussies (multiple) in chained succession, then surely to use such a device on a
single pussy would create several effects: 1. the pussy in question would be quickly, effectively and likely painfully waxed (thus improving the situation
vis-a-vis 70s bush) 2. Those who might have obstructed such an endeavor would be soundly defeated and publicly humiliated
A:"You take
care of that shit?"
B:"
Yo, I put that pussy on the chainwax, son!
C:"Motherf@ckers keep trippin' up in this bitch, and I'ma have to put that pussy on the chainwax!"