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If you want to dry-preserve it, first put it into a jar of rubbing alcohol from the pharmacy for a couple of weeks, to kill any bacteria or fungi that may be present. Then dry it thoroughly in a warm place (near the furnace in the basement is usually good) for at least a week. Then spray it with a protective coating. You can use clear plastic spray or lacquer or polyurethane, which will seaql and protect the specimen, but will also make it appear very glossy. If you want to avoid the high gloss, you can use a matte (non-glossy) spray that can be purchased at an art supply store. It is used for sealing charcoal drawings to make them permanent, and will also seal your specimen to keep out moisture, bugs, etc.

If you want to wet-preserve it, all you have to do is put it in a jar of rubbing alcohol. If the alcohol becomes discolored after a while, replace it. After a couple of changes it won't discolor any more.

Can't happen, sorry to tell you. Drying is the only way and even then they fade eventually. Wax would just cover the petals and would be so thick that you wouldnt be able to see the color of the flower very well. Try drying them and then spraying with a preservative

put it into a jar of rubbing alcohol