Here's an answer from Mike:
Normally you don't mix water with waxes and sealants, this adulterates the formula. If the chemist wants some water in his wax or sealant formula that's taken into consideration when creating the formula, not after the fact.
Wetting agents like pad conditioners have a high content of water plus whatever else is inside of them. Most Pro-grade compounds and polishes are okay having some pad conditioner sprayed onto the pad first but not things that don't like water.
Waxes and Sealants = non-water soluble.
Make sense?
Instead, waxes and paint sealants are already VERY slippery, so use them as your lube...