Yes. the hot wax dip is an alternative to painting but you can put a coat of paint on if you do it before the wood cools.
I used a 50/50 mix of microcrystalline and paraffin. I think if you Google "Hot Wax dipping hives" + "pdf" use should get a link to the following report:
RIRDC Publication No 01/051
RIRDC Project No. DAV-167A.
ISBN 0 642 58273 4
ISSN 1440-684
I'd put the link up myself but I got to it via a US site that is a business. Regardless, the report is well documented as well as a nice "HOW TO" with all the precautions of using 180°F wax.
The hot wax also seems to be a great method of sterilizing a used hive of AFB. It's expensive at first and this is trail for me. If I can go 10 to 20 years without painting then it is worth it. I'm using about $100 worth of wax in the picture and a dangerously short container. We will be dipping at least 50 suppers in 2012 [20 last year]and I don't think we will put a dent in the quantity of wax left over.
best, H