Well, almost a week ago, I woke up and I felt this pressure in my right ear. It doesn't really hurt, it just feels odd, and the hearing in that ear is distorted somewhat. Well, yesterday I bought and started using some eardrops. Today, I've noticed that my ear is discharging large amounts of earwax. Once again, its all in one ear. Well, basically I would appreciate any help on whether this is an infection, or what I fear, some sort of prelude to hearing loss.

Hi,
I am not a Doctor, but just a person who wears hearing aids, 64 yrs old, and have experienced many different ear canal and hearing problems over my life.
You could have an inner ear infection. Ear wax buildup will certainly cause some hearing loss from all the wax. When you say you are discharging ear wax, do you mean after you put in eardrops, enough to make it run out of the ear?
If not, this "running" out of the ear could be ear drainage from an infection. Infections will cause hearing loss, over a period. Normally, just an infection or two won't do it.
Please see an Ear Doctor, ENT, (Ear-Nose-Throat) Doctor. Getting it checked out now could possibly save you a lot of problems. I do wish you the best, and good luck. Hope it's not infection. But if it is, some prescribed ear drops will take care of it.