Ah, a little googling shows that it is even worse than I thought. From wikipedia:

A wax fire is created when melted or boiling wax is doused in water. The following reaction creates a large fireball or enlarges the flame of the already existing fire incredibly. Only a small amount of wax and water is needed to create a wax fire.

I am torn between "Glad I didn't try that," and "Cool. I have to test that under safe conditions some time."