My advice is as follows:
Every day, take a soapy shower, dry well, apply talc to the area and shave with a good quality single or double foil electric shaver. You will stay smooth with no ugly red spots and no discomfort. Guys love it, you will love it, you just need to do it right and do it every day.
Oh and by the way: The drawbacks to waxing are:
1: You have to grow several days worth of ugly stubble before you can get waxed;
2: It hurts like hell;
3: Your skin looks red and sore for a while afterwards.
You get none of those problems with the method described above.
Oh, and another thing: It's not your vagina you're shaving, it's your *vulva*. Your vagina is inside, and is not hairy (I hope!) :-)