I've had good luck with Advance Auto Parts MPL Lubricant. You can get it on sale for about $4.00 for 12 oz. and it leaves a light film that prevents rust. It will wipe off so you need to reapply if you use the tool. I use it on my seldomm-used woodworking machines and they are pristine, even in my non-air conditioned shop in humid South Florida. Also great for fastener storage and machine tool tables and vises.
LPS also makes an excellent waxy marine product (LPS #3, http://www.mcmaster.com/#corrosion-i...atings/=rtger1) specifically for salt water that is bomb-proof against moisture but it's a PIA to remove as you need a light solvent. Good for long term storage, not so much for a tool box. Sort of like a light Cosmoline in a spray can.
Rustlick is also a good alternative if you need a dipping solution. You can get it from www.brownells.com and I'm sure elsewhere.
Do not use WD-40, it is not a rust preventative, it's a moisture displacer.
--Root
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