Originally Posted by Minnewaska
I presume the wax toilet rings are a take off of the Stay Afloat product, which does have that consistency. The product has been tested to effectively seal off thru hull type leaks and seems much better than wooden dowels, which can only be effective if you have a perfectly round hole to plug. Odds are that whatever broke the thru hull could have distorted the hole. However, this stuff isn't going to be much good on a sizable hull breach.
I was thinking of using it as a gasket material. Like with a long non round hole similar to the Yacht Monthly's video I would smash a bunch of that wax into the hole, then make a nice glob on a piece of wood and brace it from the inside and let the wax form a gasket to the hull.
The problems with the plastic on the outside of the boat...Unless it is large enough to come up over the bow and still cover the hole you are dead in the water. Once you move the plastic is going to get water behind it and it will release/compress/release/compress against the hole and end up sinking you. Also I wouldn't rely on a standard blue tarp from Lowes/HD because those are the cheapest things ever. The water pressure will make them fail. If you are going to rely on this then you need to use a thick plastic material like PVC coated fabric or similar. I used to make above ground holding tanks out of that material for the koi pond hobby and it is very strong.