Pahoo, Waterlox is waterproof. Says so on the can, though I haven't dragged the rifle through rain, mud and snow. It's a blend, with tung oil. Like I said, I was using it for wood furniture and such, having found out about it from a professional woodworker, and it got high marks on stocks (per our trusty friend, the Internet), and I had some, so why not try it. Worked great and looked great. I hung the stock from the ceiling of my wood shop to an eyelet screwed into the butt end of the stock. I applied it with a foam brush, with one light coat per day, till the pores filled. First coat looked awful, but coats after that got increasingly better. I sanded lightly between the first few coats. The only issue is that it was recommended that the finish cure for a couple of weeks prior to hard use.
I had the satin version, so that's what I used, but they have gloss and semigloss.
Though it's called Waterlox, there's no water in it. And I forgot to mention that the pro woodworker suggested using one or two coats of Watco Danish oil or something similar as a base or primer coat - sort of. Waterlox also has their own version of that, but I had the Danish Oil.