Balms and salves are simply olive oil and beeswax. The only real difference is where you decide to rub it, whether it be your lips, on your elbows, or your feet! You can add essential oils or herbs to it, choosing appropriate ones for different parts of your body (you may not wish to add menthol and peppermint to your lip balm for example, but hey, maybe you do!)
So where do you get beeswax? Know your beekeeper! Many beekeepers will keep it in stock, or you may have to call and place an order before hand so he or she can save you some next time they extract honey. You could order it on ebay or get it from your local craft/hobby store, but you really don't know what you are getting then. Some of the "big box" bee supply companies carry it, but it's typically been bought from big commercial beekeepers who use chemicals in their hives (and is in the wax that you would then be putting on your body). I suggest an organic source like Glory Bee, who also is a good source for the oils and herbs (tell Kaitlyn I sent you.) Another source I trust is Mountain Rose Herbs.
Sheri's Simple Salve
1/2 c olive oil
1 oz beeswax
10 - 15 drops of essential oil (all one kind or mix and match)
Heat olive oil and beeswax together in a double boiler until melted. Remove from heat, adding essential oils and placing quickly into jars with caps on.
(really? $6 an ounce for that?)