Camphoriated spirits are in a lot of ointments (including Carmex) because it works quite well for such afflictions. Camph-Phenique is the best delivery tool because it penetrates the tissue so quickly and thoroughly, but as a salve, Carmex is pretty darn good. Blistex also seems to work well, for much the same reason. The addition of a thick emollient to provide a protective layer makes salves sometimes more effective than oils or ointments.

Mellaleuca oil (tea tree extract) also has similar qualities, though I prefer the smell of Campho-Phenique more, and it seems to have a stronger anesthetizing quality.

Such ointments should be used according to mfr guidelines, as too much of a good thing can be just as bad as none at all.