This is from a library book I picked up last night. I haven't tried it, but because of the paraffin it looks like it might be more like the Chapstick you buy.
Chapped-lip Stick
1/4 c. paraffin
1/4 c. petroleum jelly
Few drops oil of lemon or other scent (optional)
In glass or enamel double boiler, melt paraffin slowly, stirring constantly. When melted, add petroleum jelly. Stir till completely combined. Remove from heat and add oil, if using. Pour into container with tight lid, and/or small tin or pillbox for carrying convenience.