Just a warning: legitimate/serious hair removal is a major cosmetic undertaking. Each method is involved in its own way. First and foremost, do what you feel comfortable with and try not to be too hard on yourself. I agree with previous posters who say just take care of things on your back and then closely trim the rest.
I'd say leave waxing as a last resort. If you have coarse hair like many men, this will be very painful and I would recommend securing a narcotic painkiller before this procedure in addition to trying the other methods first.
I suggest Nair Speed Cream for Men first. This product is fairly new, fairly inexpensive, and it works pretty well even on coarse hair, but you have to be willing to put up with the smell, even after you rinse it all off. I found it to be worth it since this method lasts a few to several days longer than shaving, but I like to allow myself an extra shower or two after using it in case it lingers. Follow the directions and leave it on for about 10 minutes. You must apply it thickly and uniformly, though. I have never noticed significant acne/ingrown hair problems with Nair and obviously the threat of razor burn is naught.
If you don't want to use the cream all the time/never again or you want to switch it up, buy a good razor and shave it. You will get used to the awkward positioning if you have to take care of things on your back. Guides will tell you not to shave against the grain, but you have little choice if your hair is coarse and thick, so go for it. Shaving will leave you very smooth, but the hair grows back quickly and you run the risk of developing large areas of pimples, razor burn, and/or ingrown hair. So, go ahead and shave it off. Right after you shave it off, if you're not in the shower already, use a good benzoyl peroxide wash (Clean & Clear Continuous Control is my choice) on the areas you shaved. Towel dry the area. After showering, apply hydrocortisone cream. These steps will help prevent any major problems.