I got a sample of this at SEMA and just tried it out on my Pantera tool set which was discovered to started corroding. I sprayed it on and it immediately foamed like an acid. Wiping it off left some pretty clean metal, minor rust wiped away and the white corrosive powder all but disappeared. This is advertised as being a solvent free wool-wax product. It creates a penetrating, lubricating film that does not easily wash off. Seems like some pretty good stuff!
http://www.fluid-film.com/
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