People love to add things to the strings to make them quieter and faster. I personally like to keep as much weight off the string as possible. This way I can get the best performance of the string. On my Winner's Choice string, I have the peep, serving, and two speed buttons.
When it comes to waxing your bowstring, it is all personal preference. Some people wax their bowstring a lot, a few times, or they do not wax it. I prefer to shoot the least amount of wax possible on the string. To me, string wax is to keep the fibers from falling apart. Living in Arizona, you would think that the heat would dry out the bowstring. However, I only wax my string once or twice a season. I know a lot of people put more wax on their strings when they are in rainy or snowy conditions, but I prefer to use the lightest amount of wax on the string. The surface area is so small the water will not soak into the string. The bowstring could be under water and the string still will not be soaked.