Final answer:
Cerumen, commonly referred to as earwax, is the substance that waterproofs the ear canal and is distinct from sebum, which is produced by sebaceous glands to lubricate the skin and hair.
Step-by-step explanation:
The substance that waterproofs the ear canal, consisting of a mixture of gland secretions and dead skin cells, is called cerumen. It is commonly known as earwax and is produced by cerumen glands. This substance protects the ear canal against bacteria, fungi, and water. Unlike cerumen, the oily substance produced by sebaceous glands is called sebum, which helps to waterproof the skin and hair. Sebaceous glands are associated with hair follicles and secrete sebum that keeps the skin lubricated and pliable while also possessing antibacterial properties.