No I don't reuse the wax, I think you have to heat the wax to dangerously high heat to kill off any nasties.
I just put my wax into an old pot, that I no longer use and has a wide enough mouth to dip the cheese into, heat to 100C or there abouts, and then dip half the cheese at a time, and usually about 2-3 times just to ensure that I have a good covering. I then just let the wax cool in the pot, so that way it is ready for reheating next time.