I just don't figure how to take the wax ring that goes under the toilet and be able to put it on the wood... I'm really newbie at finishing...
If you will warm it up a bit (sit it in front of a heater or use a heat gun or hair dryer) you will notice it will become soft and a bit sticky. Now wrap a small rag around your index finger and rub some wax off of the ring with the rag and rub the waxy rag onto the wood and work it in well. Let it dry and sit up for a few minutes then buff with another dry rag until it becomes glossy.
Or you could put a chunk of the wax into a jar or empty tin can and sit it in an oven and melt it down to a liquid then add your oil and again using a rag apply the mixture to the wood. CAREFUL, DON'T BURN YOURSELF!
The wax will seal the pores in the wood and give it a nice luster as well as being food safe and water proof.
HTH
Rog