Why does some people dip the tips and the bottom of cuttings in wax? Does it protect the cutting from rotting? Will the roots break through the wax? What kind of wax do you use? Any help with this will be greatly appreciated.... :  )

Frank,
Decreases dessication, Yes, Yes and any wax that melts below 140 deg F.
I've used unscented Tea Candles,Toilet Seal wax and Elmer's School glue to seal cutting ends with good results.
An older topic on sealing fig cuttings.
If you do a Google search with... site:figs4funforum.websitetoolbox.com waxing "cuttings"
You should get a few results.
Good luck.

Frank, I never put anything on the bottom of the cutting, but I do usually use liquid electrical tape on the top of the cutting. It's easier than melting wax.

Frank,

Lots of discussion on this just a few days ago. Check out. http://figs4funforum.websitetoolbox.com/?forum=&trail=75

Frank, Paraffin is a low heat melting wax used in canning also, it seals both ends of the cuttings to prevent dehydration. the roots will break through it and the tip will brea through it also. It's a life saver in most cases of cutting survival. I think it contributes a lot to my successful cutting growing.

I agree with Aaron. I wax all my cuttings top and bottom when storing. Lets all the moisture stay inside where you need it. I ship them this way as well. Wax both ends make sure bark is dry and wrap in saran wrap. Haven't had any mold issues. Thanks Kerry (drivewayfarmer)for the great idea of the saran wrap!

Learned waxing the ends from my Italian friends overseas. I melt regular candle wax over the ends. Trust me, it really works, not only to retard desiccation but it seals against mold and other organisms that use the wound to infect the cutting.

I also have to thank Kerry for the saran wrap idea. I wax both ends as well with tea candle wax. I don't remove as roots and shoots easily push through it.

I agree with what's been said above. Saran wrap is an excellent way to seal the natural moisture inside the cuttings. But I'm beginning to feel that dipping the entire cutting in wax may be a step above the plastic wrap. I've been doing both on many cuttings for some time now. Can't imagine how it could hurt anything.

Grape plants from the nursery come with the top 2-3" dipped in grafting wax. 
This keeps the graft from desiccating and also protects the young plant after planting while the plant breaks dormancy and starts growing.  
I would think it would help any plant cutting but may not be absolutely necessary for figs if you leave 1/2" above and below the joints when making cuts to let the cutting seal itself.