1. Combine powdered sugar, margarine, vanilla and peanut butter.
2. Form small balls with the mixture. Allow the balls to freeze for about two hours.
3. Once balls are frozen, melt chocolate chips and wax in a slow cooker or double boiler.
4. Once melted, take frozen peanut butter balls, and one at a time, place a toothpick in one and dip it almost completely in the chocolate mixture. Place on aluminum foil and re-freeze them. Serve chilled or at room temperature.