I've waxed my legs before...but I kinda like a little pain (ah-hem). It's probably not necessary for a guy to go through that kind of trauma to have hairless balls!
Why not just keep it nice and trim...don't have to get all complicated with wax, and chemicals near the package...think of what can go wrong! All you really need is scissors at the least and a set of clippers & you're good to go!
...from a chicks perspective at least!