Wrap the package with one color of gift wrap along its width. Use tape to secure the seam in several places.
Wrap the package with a second color of gift wrap along its length. Trim the top layer of gift wrap so that the first layer is visible on the sides and edges. Tape the seams neatly.
Unroll a length of wax paper onto a clean work surface. Place the wrapped package top down in the center of the wax paper. Wrap the wax paper around the package, making sure the ends will overlap by at least 2 inches. Cut the wax paper from the roll evenly with scissors.
Set the iron to low heat. Open out one end of the wax-paper wrapping, but leave the other end in place. Smooth the iron over the package where the seam will be formed, lightly melting the wax. Remove the iron. Quickly overlap the top end of the wax paper over the layer that you just heated. Maintain pressure on the seam with your hands for about 30 seconds while the wax cools and the wax-paper ends are melted together.
Fold the wax paper at the corners of the package corners and gently heat all edges with the iron, pressing them together to seal the seams as on the bottom of the package.
Wrap ribbon of one color around the package lengthwise on both edges, about 2 inches from the edges, then tie the ribbon ends together on the bottom of the package. Select ribbon of another color and wrap it in the around the width of the package about 2 inches from the edges, and secure.