This is a picture of me "dipping" my chain at my workbench.
Step 1: Set Up Your Chain for Removal Without Tools
Power-Links are very easy to use once you understand the techniques of linking and unlinking them. Here's a good website that explains the "secret" for doing this.
Step 2: Get Your Waxing Equipment and Supplies Together
1. One lb. canning wax (available at most grocery stores, late summer, in the "seasonal" aisle. Just ask.)
2. A short length of easily worked wire. I have a roll of ceiling-grid wire, available at almost any hardware or home-improvement store, good for a thousand uses.
3. A can to hold the wax. I show a plastic Gatorade container in these pictures. I DO NOT RECOMMEND THIS. This was my "shakedown" of this equipment. The Gator container is just the right size, but it should be metal. (I'll edit this post later when I've found just the right size can.)
4. A pan (lined with paper towels) to receive the freshly waxed chain for cool-down.
5. The chain and links themselves. This assumes you have removed them from the bike following the link in the previous step.
6. A wax heater. You want a heater that is specifically designed for heating wax. These are thermostatically controlled so they do not exceed the flash-point of paraffin. They are widely available at beauty-supply stores, where they are stocked for depilatory purposes.
Step 3: Prep the Chain for Dipping
Once the wax has become completely liquid, the chain is ready to dip...
Step 4: Dipping the Chain
Leave the chain in the wax for 4 - 6 minutes. You shouldn't see any little bubbles coming to the surface of the wax. You want the chain to get nice and warm, and to expand to allow the paraffin to penetrate.
Step 5: Retrieve the Chain and Cool It
Let it cool for a couple of minutes or so.
Step 6: Remount the Chain
A final note: The beauty of this method is, there's nothing else to do. The other parts of your bike (the chainwheels and cluster) don't need any lubrication and they stay really clean. As does the rest of your bike and you.
Lather, rinse, repeat every 300-400 miles or so.
If you like this Instructable about non-obvious bicycling lore, you might like my blog, Practical Cyclist. Give it a visit!