I'm a hobbyist woodworker and have refinished several speaker and amp cabinets with some success. This is my procedure, of course depending upon the extent of damage you are trying to repair: If there is no scratching, you may be able to go straight to oil and wax - if badly damaged, the below procedure may not fully restore the cabinet.
1) Clean the cabinet with paint thinner to remove old wax, grease, and scuff marks.
2) Use a small electric palm sander: I like the ones where the sanding pad is just under one quarter the size of a regular sand paper sheets - it is a lot cheaper to purchase stock sandpaper sheets than custom paper sizes for your particular sander. The pad on mine is 4.5" x 4.0" - perfect for folding full sheets in four: Much cheaper than the circular custom sanding discs which will nickel and dime you forever. I have attached a photo of the type I like - but all good quality 1/4 sheet ones will work.
3) Start with 220 grit, making sure than you do not touch edges or corners - use your fingers as a guide to prevent accidentally rolling over edges. Do not use a power sander on any surfaces smaller than the sanding pad itself, for example on the front leading edge - to prevent edge rounding. Go easy - you do not want to sand through the thin veneer. Remove all dust, and wipe down the whole cabinet with a thoroughly wet, although not sopping wet, cloth. Let the cabinet air dry - this wet-dry cycle raises the fibres, so that they can be sanded down prior to applying the finish. Lightly sand with 220 again.
4) Repeat 3) with finer sand papers - I do 400 and 600 (and don't forget the wet cycle).
5) Remove all dust with a tack cloth and/or a rag moist with paint thinner.
6) Apply a thick layer of oil - I prefer Watco Danish Neutral for walnut cabs. Let it soak for 15 minutes. Wet sand in the oil with 600 grit. Wipe off excess. Reapply a second layer of oil. Soak for 15 minutes. Wipe.
7) Optional: Let the oil cure for a day or so and repeat as many times as you want. An old rule of thumb says: "Once a day for a week, once a week for a month, once a month for a year, once a year forever!".
8) Once the oil is fully cured - give it several days, more in humid climates such as Boston! - apply wax (I like Minwax Paste Finishing Wax Neutral) in a super-thin layer, and rub down (by hand or polisher) once hard. Repeat as necessary.
You should now have a nice, hand-rubbed sheen to your cab. Anytime the cabinet gets dull, just repeat, and you may be able to go straight to oil/wax if no scratches.
Good luck.
All the best,