Wax or Polish?

Wax and polish are two different animals. Polish contains ingredients which feed the paint, but offers no protection. Wax offers protection, but does not feed the paint with essential oils, etc. like polish does. So you really need both. For more info, go to meguiars.com

I'm not sure what you are referring to when you say spots, but if the paint is not etched or damaged, a clay bar might take them out.
 
The Fang didn't ask what brand to use, he/she simply asked what TYPE of product. So...without getting into what brand of product to use, I'll offer the following advice:

As mentioned above, polish and wax are two different things. Basic steps for detailing a car is: Wash, Clean, Polish, Wax. Washing removes loose dirt, cleaning (w/clay or paint cleaner) removes imbedded dirt, polish shines the car and provides nourishing oils to the paint, and finally, wax protects all the previous steps. Keep in mind, this is just scratching the surface. Each step must be done properly to ensure desired results.

I am loyal to a specific product line but I won't even mention it because I've seen wars on this site over which brand is better. So, follow the steps listed above with the brand of your choice.