Use the white glue to "draw" a ghost on the wax paper. Fill the ghost in completely with glue - don't skimp!
Sprinkle the glue with some glitter.
Stick 2 googly eyes into the glue. This would also be a great time to add some string or dental floss to use as a hanger for your ghost. You could always poke a hole in the ghost and do this after the fact as well.
Let the ghost dry overnight so that it can dry completely. Peel your ghost up off the wax paper. If it's not completely dry it's really hard to peel off.
*We haven't tested it, but we're going to recommend not hanging this in a place with a lot of direct sunlight. We don't want the ghost to melt on anyone!