Waxworms, which are actually catapillars from the Wax Moth, live in bee hives in the wild. They eat honey and wax.
This is what I do...
Put a few cups of bran flakes in a plastic container and pour in some honey. Stir it will and keep adding honey until it's a sticky mess. Then, grate a block of beeswax until you have a handful. Stir that in and add your waxworms.
The waxworms will tunnel through, eating the honey and wax and when they're ready, they will spin a cocoon. (Sometimes they pupate without spinning though...that's normal.) A couple weeks later, moths will emerge, mate and lay eggs in the honey/bran. A couple weeks later again, those eggs will hatch but they're so tiny that you wont see any baby catapillars for a little while.
When you start to see clumps that look like they have white fuzzy stuff in it, that's silk (not mold) and it means you have babies. Don't throw the fuzzy clumps away! (I did that once or twice. I thought it was mold until I pulled a clump apart and saw a bunch of babies! Then, I felt like an idiot because I realized I had thrown a bunch of catapillars out.)
Hope that helps. 