You can find meerschaum pipes in a variety of colors from traditional white, yellow, red, blue and even green. The ones that are colored will actually start to turn white as you smoke them, and if you smoke them long enough, they will then color with golden tones, browns and deep chocolate colors like traditional meerschaum pipes will.
I have a yellow Yanik pipe, and over the time the yellow color has faded in spots and the natural white is coming through.
As for re-waxing meerschaum pipes, it's not necessary but some people do it still. I do it every couple years on some of my more heavily smoked meers. I've used white beeswax, and the traditional beeswax and neither makes a difference.