I'm not all together new to cycling but recently I have noticed that over the longer rides, the more I sweat the more the hairs around my nether regions begin to tug. Do other hairy cyclists shave/wax or does that just make things worse? and whats best to use on sweat rashes after a ride?

They probably wax as well to be fair. Shaving is a pain, it grows back in a matter of 24 hours anyway.
Padded undercrackers are good though. I just wondered in case it was your boxers causing rub to happen and the ensuing pain.