Here is a great recipe that I ran across about 4 years ago and it works great. My son is a contractor and he puts it in his first aid kit at work. It works great for cuts, scrapes, scratches, bites (insect), nettle stings, bruises, etc.
All ingredients from my how to make a salve (see How to: Make a Salve)
1/2 cup dried Comfrey powder or root
1/2 cup dried Black cohosh
1/2 cup dried Bistort root
2 tbsp cayenne powder
1/4 cup dried lavender flowers
1/4 cup myrrh resin
2 Cups Olive Oil
About ½ cup Beeswax Beads
Put the dried herbs (and myrrh resin) into a pan and cover with 2 cups Olive Oil. Heat oil on Low until it looks like it is starting to boil. Immediately turn down the heat and let simmer for 3-4 hours. Strain the oil out and pour it into a glass bowl. Pour everything back into the pan and keep heat on low. Add the beeswax to give the mixture salve consistency (mix until beeswax completely melts) and pour this mixture into a dark glass jar or metal container with a lid. This salve will last up to a year.
Use as needed.