Yes you can. i do it all the time. I put the thinnest layer of shortening on the pan I can and press the wax paper to the sides and bottom of the pan, pour in my batter (using a flower nail if 10 inches or larger in the center) in the pan, tap on the counter to remove any air bubbles and bake.
Just don't leave any wax paper sticking up out of the pan, it can catch fire. My sister did that before...it was a gas oven, don't know if that's why it happened.
I think I'd skip the paper and just grease and flour the pan, personally 
I use wax paper all the time and I have a gas oven. I only place it in the bottom of the cake pan though...never the sides. Works like a charm!
When my sister had the fire, the waxed paper was sticking over the edge of the pan.
That wasn't her only kitchen fire...once, she cut open a juice box and microwaved it, and the foil inside caught the microwave on fire. Another time, she found a pack of matches and tried to light one. When it caught, it startled her and she dropped it into my mom's junk drawer, which was full of receipts, which caught fire. Another time, she was making a stir fry and wanted to add wine, but didn't have any, so she used a little bourbon and accidentally splashed it over the side of the skillet and into the flame...that one wasn't as bad.
She and her husband mostly survive on takeout
Not at my house at my mom's long story, all turned out well. And oh my Texas, your sister had a tri-fecta...oven, microwave and stove top. Well, I braved it and only put the wax paper on bottom of pan and changed into my sexy baking sweats ( just in case 
)
That was back when microwaves took up an entire countertop and were an expensive piece of equipment 
My mom was not pleased, but my dad pointed out that if she was too cheap to pay for a babysitter, she got what she paid for.
My sister was microwaving the juice box because my mom froze them to try to keep her from drinking them all while my mom was at work.
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