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!"