There have been several threads about this very topic.
Yes, you can use waxed paper to line pans. I've quite literally been doing it for 50 years.
But you can't use waxed paper for baking cookies. The "secret" is that the wax paper has to be covered and not exposed to direct heat. So since the batter covers the wax paper, you're golden!
I always use wax paper to line my cake pans. I can't afford parchment paper for baking...I'd go broke. I do use parchment for baking cookies for the reasons that Leash said.
50 years Leah?....how old were you when you started baking??? you couldn't have been more that 5 or 6 right? 
To have "50 years" of baking experience you are one hot mama. 
It is just that the batter is already made and I don't want to let it set out while I go to the grocery store HELP!
...and just as an aside since the wax paper ? has been answered... Your batter can be placed in the fridge and it won't hurt it. Not that you need to run anywhere since you have wax paper in the house, but thought you might like to know that for future reference. 
Why don't you just use a non stick spray that contains flour? I use the store brand spray and it cost's me 1.59 a can and I never have problems with my cakes sticking and saves me so much time not having to cut circles of wax paper. I used to use wax paper but gave it up after using the spray. I don't like Baker's joy for some reason the store brand was better and about half the price.
Why don't you just use a non stick spray that contains flour? I use the store brand spray and it cost's me 1.59 a can and I never have problems with my cakes sticking and saves me so much time not having to cut circles of wax paper. I used to use wax paper but gave it up after using the spray. I don't like Baker's joy for some reason the store brand was better and about half the price.
I use homeade pan grease...much cheaper than buying the "canned stuff" even at $1.59 a pop. I use 2 cups flour, 2 cups oil and 2 cups Crisco....beat with hand mixer until smooth and creamy. I put in an airtight container and keep it in the pantry. I use a pastry brush to "paint" it on the inside of my baking pans. I use a circle of wax paper to line the bottom of my pans as well. The homeade pan grease works just fine without using the wax paper but I like doing both so I do.
Why don't you just use a non stick spray that contains flour? I use the store brand spray and it cost's me 1.59 a can and I never have problems with my cakes sticking and saves me so much time not having to cut circles of wax paper. I used to use wax paper but gave it up after using the spray. I don't like Baker's joy for some reason the store brand was better and about half the price.
I use homeade pan grease...much cheaper than buying the "canned stuff" even at $1.59 a pop. I use 2 cups flour, 2 cups oil and 2 cups Crisco....beat with hand mixer until smooth and creamy. I put in an airtight container and keep it in the pantry. I use a pastry brush to "paint" it on the inside of my baking pans. I use a circle of wax paper to line the bottom of my pans as well. The homeade pan grease works just fine without using the wax paper but I like doing both so I do.
I have had problems with cakes sticking to the bottom when I used pan spray without lining the pan. It seems to work fine on the sides, but not the bottom. When my current can runs out, I intend to switch to the homemade stuff that mamawrobin referenced above.
I did have problems when I tried to use Bakers Joy but not with the brand I am currently using. Maybe you didn't spray enough. I don't know like I said I haven't had any problems.
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