Yep, I've done under both my Prelude and the Accord.
It's a good idea to jetwash under the car first, then give it a going over with a stiff brush to remove loose rust, caked-on mud and so on. Let it dry before applying waxoyl, or it won't stick. If cleaning caked-on stuff off with a diesely rag as I like to do, make sure all traces of it are cleaned off (white spirit or whatever) or again the waxoyl won't stick.
I paint waxoyl on rather than spraying it. Just leave the tin in a sink of hot water for a few minutes (repeat as necessary), pour a quantity into an old ice-cream tub, put on rubber gloves (or it'll take days and weeks to get it off your hands), get under the car and slap it on the bodywork.
It may be an idea to remove sideskirts and such things - lets you check the condition of the body under there, and give it a coat as necessary. Use an old or cheap paintbrush - don't bother trying to clean it afterwards, just bin it. A 1.5 inch or 2 inch one is probably best.
The Prelude is notorious for rust around the rear arches, so I've given it a good thick coating inside the arches which seems to be just about holding the rust at bay.
As always, preparation is the key. Nice clean, dry surface will give good results.