yes. It was developed for the nasa space program - when it was first launched it was branded "rocket wd-40" for that reason.
chemist folklore is that it was the 40th formulation for water dispellant they tried. I have heard both stories and don't know which is true.
something graphitey (like silkopen) is better for lock mechanisms, but wd-40 will do it no harm.
although the grease does become hydroscopic (slightly) it still creates a good barrier between the surface and the water, which stuffs up the waters wetting properties as it is still hydrophobic (water hating) - like all oils. It will also contain sulphates and phosphates that will become chemically attatched to any fresh metal (a scratch for example)
in other words. spray liberally and leave, and it will do the job fine! (remember, never rub the last coat off!)
For bikes, GT85 is better as well as being cheaper!
dan
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