Rust prevention ideas?

Not as simple as that, but I don't know the formulation. It evaporates, to leave a thin waxy film behind - which what gives the protection. The film is so thin, that it quickly wears off as soon as you touch an item. If you repeatedly spray something, allow evaporation, then the wax becomes more obvious.
I'd suggest it is an oil film not a wax. But fundamentally, used within it's limits, it can be expected to lubricate and dispel water and perform as an oil would. Whether its actually an oil or effectively an oil, and the semantics of what it actually is makes little difference to the end user wanting to spray his metal tools to stop rust.
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The factoid was a little off, as it actually stands for "Water Displacement (formula 40)". Based on that name I'd assume a chemical reaction happens whereby less reactive H20 is displaced by the ingredients within WD-40?

My bad, thanks for the correction.

By attempt, I meant that it was the 40th version.

I should however have written displacement rather than dispersal. I guess that dispersal would imply spreading the water over a larger area, which the product clearly isn't intended to do.
No need for oil just wrap in an old blanket, and keep off ground.

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WD40 is a silicone oil, and a thin one, so it rubs off in storage, and not heavy enough to really stop oxygen getting in. Also the occasional microscopic silicone carbide fragment in there makes it no good for any hifi connector.

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