i have a set of paddel bits for wood drilling i keep on the shelf sandwitched between 2 folded shop towels that i sprayed down with wd-40 or the walmart equivilent and 3 years later not a spot of surface rust to be found, so i would conclude it dose infact repell moisture. this is a shop with lil to no inselation untill recently as it was a 12'X12' tool shed to start with so the moistur level is plenty high, and rust is abundent on anything not protected. so i supose it would come down to the aplication you are useing it for and what you wish to acheave. i would never use it on any of my guns as they make a special oil for guns and to use anything else would just be risky, in a pinch i supose i might use it on a gun for short term but would clean and oil it properly as soon as possible

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