Don't know about its water dispersant qualities. But it is great for removing text on airline tickets. Yes, a can of WD-40 emptied itself in my motorcycle pannier on a tour de Europe, in the same pannier as my airline ticket home, and the text on the ticket just dissappeared. I brought the blank ticket to the counter at the airport trying to explain the situation, hoping for a new one, but they thought it smelled like something very flameable and explosive and refused me to enter the aircraft with the rest of my motorcycle luggage since it smelled WD-40 too. No kidding.
I'll never travel with this product again.
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