Crack Grease makes amazingly fast Snowboarding wax. Their Choad Cheese wax comes in several scents including Dirty Hippie, Maple Bacon, Coconut Curry and tons more.
http://crackgrease.com/store_wax.html
Candle wax isn't the same as board wax. Candle wax can make your board stick to the snow, so just spend the extra couple bucks and buy snowboarding wax.
Yes, wax will lower the drag coefficient of the snowboard.
Yes, for waxing Snowboards/Skis you will need to use tuning wax which you can usually buy at a sports shop on the mountain...
No it destroys the board.
No, not a good idea
Possibly, depending on how good the quality of your wax is.
Gasoline, or Paint Thinner
It helps you to go faster.
use the pad it comes with
You want to scrape of almost all the wax leaving a thin coat.
$10-20
Some common snowboard accessories are goggles, snowboard wax, protective clothing such as suits and gloves, hats, instructional DVDs and helmets, they can be found in many stores.