I can tell you do NOT apply any kind of heat to attempt to melt out the wax as it will set the color in! I have antique linens that were 'colorized' by the use of crayons and a layer of paper and an iron. They are way older then me and still bright.
You must find something that will break up the wax naturally.
Weird ideas: Make another stain with the same crayon and use it to experiment on before risking your needlework.
You might try an 'outside-the-box' item and see what happens if you use an ear-wax removal kit; it could dissolve it away, it would be worth a try!
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ouch! by:
I found this page that might help you.
http://www.thriftyfun.com/tf000550.tip.html It deals specifically with crayon stains on cotton.
