For applying chromium oxide powder to a felt strop I use a mister bottle with an alcohol 70/30 CrO mix. This makes a really neat even distribution without clumping up the felt.
Chromium oxide is a fine grained abrasive (in the order of a half micron IIRC).
This is a way of "loading the strop" to impart a fine abrasive quality to your strop. Some people use diamond or CBN paste or spray instead. Some people advocate stropping on a fine stone instead.
@Chicagohawkie balsa takes the "waxy" polishing pastes as-is quite well....
Since some were asking what it does: Shaves arm/leg hair -> Shaves it without touching the skin or tearing noticeably at it. Refines already sharp edges. However, I'd advise washing the blade with a soft sponge and soap before letting it touch food.