Try this link for a great step-by-step that could be applied to a dragon or similar sculpt:
http://www.conceptart.org/forums/sho...7&page=1&pp=60
Use super sculpey over an aluminium wire armature. Bulk up the armature with tinfoil (the baking kind that you buy at the supermarket) or epoxy.
The difference between epoxy and super sculpey is that epoxy goes hard not longer after you mix the two parts. The working time depends on the particular epoxy that you are using, but is typically 1-3 hrs. Super sculpey on the otherhand does not go hard unless you bake it in the oven (or accidentally leave it in the sun for a long time!). Many people use some sort of epoxy to do fine/pointy details on a sculpt, so that those parts quickly set hard and they are less likely to be damaged while working on the rest of the sculpt in super sculpey. Epoxies tend to be stronger than sculpey and are hence better for sanding/filing/carving into fine sharp points (e.g. spikes) either before or after baking the sculpt to make the sculpey go hard.
I recommend this epoxy:
http://www.avesstudio.com/Products/A...ie_sculpt.html
It has a consistency quite similar to the sculpey, but it tends to be a lot stickier, so you need to wet your fingers and tools with water when you are pushing it around to prevent it sticking. It washes off really easily in water and is supposedly non-toxic.
Wax is a whole different story to epoxy or clay (super sculpey). You need special tools to melt or warm the wax, so that you can push it around. Otherwise you need to take a subtraction approach where you carve, sand, or cut away the wax from a hard block. I wouldn't recommend wax if you are just starting out. Super sculpey is definitely the way to go. You don't need any special tools - practically anything from knitting needles to small scraps of metal, wood, or plastic can be used to sculpt it.