I've tried this in the past, mostly out of curiosity, so I thought I'd share my experience.
Firstly a warning, after shaving i did experience one of the know side effects, in this case an ingrown hair; apparently this area is particularly prone to this problem as well as infections from small abrasions, therefore as long as your sure it won't clog the pores and trap hairs I would recommend using some kind of antiseptic cream afterwards.
This leads to the second warning. After the event I too wondered about waxing, although in my case I'd want to travel somewhere, unfortunately in does however seem that the given medical opinion is that it is not very healthy for men to wax their genitailia.
The service does exist but!!!, it is very important you confirm that the service provides hygienic waxing designed for men. Male body hair is different to women's, which is why a women's service that's willing to take you is not a good idea and why waxing any part of the body is more painful for men.
With that doom and gloom out of the way I'll risk changing the subject to trimming, as that has less risk of tearing (ugh). I've found that a disposable Wilkinsons razor with a battery trimmers in the end was a good way to experiment with this and the body model should work even better; this was cheap on offer and fairly quick, although I cut the hair down first.
I also considered trying sugaring, which is supposed to be less painful and damaging to the skin, although this is not offered professionally.
I hope I haven't discouraged you and that my experience is of some help, like a nerd I tend to end up researching whatever I do so my posts are always long.