Gumboman, paraffin oil is just a medium many wood workers use with pumice or rotten stone. Plain mineral oil does pretty much the same thing. You can purchase paraffin oil through Woodcraft. I typically use rotten stone or #4 pumice stone for the abrasive in rubbing out a stock.
The technique I use for this type of finish comes directly from Bill Shipman. The stock is stained and allowed to completely dry. Permalyn sealer is then used to soak the stock. I typically use one of those disposable foam applicators, although a brush works well also. Working one area at a time, the stock is soaked with sealer until it barely, or stops soaking in. Move on to the next area and repeat. I typically use darn near an entire can (the little ones) of sealer with a lot of stocks during this process. If there's areas where you get runs, simply wipe lightly with a paper towel. I then allow the stock to dry 12 - 24 hours.
The next step is to soak a small square of cloth with SEALER, not finish,("T" shirt material or a cleaning patch works well) and simply wipe the sealer onto the stock. Just one swipe per area should do it, no need to rub, just swipe. You can get the entire stock done in less than two minutes. Set aside to dry, typically 3 - 5 hours. When the stock is not sticky, and feels "dry", it's ready for the next coat, applied the same way.
Typically, I'll apply four to six coats of sealer.... I like to apply the last coat at the end of the day so I can start the rubbing out process first thing the next day. I don't allow the last coat to cure for days, since it gets harder as it cures, and find a twelve hour or so cure time works well for rubbing back.
Last step is to slather on some paraffin or mineral oil, sprinkle on some rotten or pumice stone, and scrub the stock with an old tooth brush. After you scrubbed for a minute or so, wipe off with a clean cloth to see how it looks. Repeat if needed for the desired look, then do the rest of the stock in the same manner. This works especially well for carving since you can get into all the nooks.
Hope that helps, sorry for the long dissertation, and thanks to Bill!
Ed