I usually tie a weight to my blanks and make sure they remain under the boiling water. The wax almost instantly comes off and floats on top of the water. I turn off the gas to the heater and then skim the wax off to the side and remove the blanks. Removing the blanks I then place them standing up so that they drain quite well. It doesn't take but just a little bit of time and they are dry and ready to turn.
Boiling of green, fresh cut wood has also proven to be a very reliable method of preventing cracking, etc. I boil for an hour for each inch of thickness of the wood. It seems that the heat of the boiling relaxes the wood completely and allows it to dry evenly. I have yet to experience any severe splitting on my green pen/bowl blanks that I cut down to size after they were boiled. Try it you just may be in for a peasant surprise yourself.
BTW, the fryer I use is sold at Northern Handiman ... Harbor Freight doesn't carry them unless they have recently started to. The one I have uses a B-B-Q tank and came with all the necessary parts to set it up and use.