The original poster is asking about waxing the paint he's got on there already. There are plenty of other threads to debate about the use of Rustoleum.
You can certainly try it, and once you knock the oxide off with a polishing compound and wax it, it may look better or it may not. Its going to depend on how smooth the paint was to begin with and how picky you are. If the pores in the paint are deep and full of crud, you won't be able to get it shiny without removing so much paint that you make it too thin, and if the pores are full of crud and you wax over the top of it, it will look a bit cloudy. But there's no harm in trying, if the wax looks funny you can strip it back off with WD-40 or a wax remover.