There have been tons of posts on creating ink splatters, the same sort of thing would apply to the wax. Honestly, a wax splatter happens so fast, it would only need to be a frame or two in length. Just draw it with the mask tool.
For drying, you'll want to make it appear to be reflective when it first hits (by some sort of gradient or image overlay) and then make it less so as the wax goes from liquid to solid.
As to having a logo be embossed in it, use various bevel layer styles and/or effects and make the logo the same color as the wax.
- The Great Szalam
(The 'Great' stands for 'Not So Great, in fact, Extremely Humble')
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