From the site:
"Wax is a high performance and flexible video compositing and special effects software. The idea for Wax is to be very general purpose and flexible in video compositing and effects, so that you can compose your dream video sequence with ease everytime.
Wax can create 2D & 3D special effects and can work in two modes - as a standalone application which would appeal for home users/beginners, and as a "plug-in" to video editors/NLEs which would be more useful for professional editors. Currently Wax can work as a plug-in with Sony Vegas®, Pure Motion EditStudio and Adobe Premiere® and work for integrating with various other NLEs is in progress."