If you do a forum search for words such as rust, corrosion, Waxoyl (or variations of that spelling) or any of the other products you should turn up a lot of info as this is a subject that has been covered many times before.
As I've said in some of the other threads when it gets mentioned it's been years since I used old oil. The stuff is thought to be a potential carcinogenic, rots some rubbers, if washed off damages the environment as well as being a potential hazard to other road users.