The trio of comedians were put through the ordeal as a forfeit for selling fewer packets of their specially-branded Walkers crisp flavours than Stephen Fry, who was declared the winner as part of this year Red Nose Day.
Denise Van Outen - on hand to carry out the painful procedure - commented: "When I walked into the waxing room, you could literally see the colour draining from their faces.
"I tried to distract them while I was putting the hot wax on, but they weren't having any of it. There were a few squeals and sweaty brows afterwards, but all in all the boys did really well and I was very impressed with their pain thresholds."
Murray described the ordeal as "dreadful", while Carr admitted that it was "one of the most horrific experiences of [his] life".
Click 'play' below to watch the culmination of the Walkers Clash of the Comics challenge, which has raised more than £1 million for Comic Relief.
This year's Red Nose Day has also seen a group of comedians team up to form Fake That, a spoof version of the 'Greatest Day' boyband Take That.