Once you've got the majority off, get a selection of paper & work your way down. Maybe start with 70 grit, then 110, 160, 200, 250 & finish with a couple of good sands with 300 (or finer).
Wetting the wood raises the grain, so depending how strong you want that grain to show is how early on you decide to wet the wood. You can either use a spray bottle, a wet rag to wipe it with, or "wet n' dry".
If you're going for oil & wax, then you give the wood a heavyish coat of oil with a rag & then sand it into the wood with the fine paper, leave to dry & then do it again. Takes a week or two, depending on how oiled you want it & then leave it another couple of weeks to fully dry before waxing.
It's easier to do & get a good finish than spraying is (unless you're already competent at spraying & have a place to spray).