The act of taking some form of tape or another sticky substance, putting it across your bed, and pulling it up to get off un-wanted hair. The hair usually belongs to a pet, and is caused by the pet shedding while they sleep/lay with you on your bed.
"Dude, my dog slept with me on my bed last night. I spent a good 30 minutes this morning waxing the bed."
or
"What are you doing?"
"I'm waxing the bed. My cat decided to lay in it when I was gone, and sheds a lot.