Elbow Grease

• Most old tools will have a great deal of rust after years of neglect; your first step will consist of removing said rust. No magic trick exists for removing rust, so you'll need to get down and dirty. First, use sandpaper to buff out the rust. After this, use a combination of spray lubricant and steel wool to remove further rust---definitely not the only technique but surely the most popular. Other methods involve submerging tools in a mixture of oil and sand, covering the tools in naval jelly or using black molasses to remove rust. Soaking tools in cola may also do the trick. Mileage may vary depending on what technique you use, but the basic principle comprises physically scrubbing the rust away.
  
  

Acid Rust Removal

• While manual labor will remove rust, you can also employ chemicals and acids to do most of the work for you. Phosphorus, oxalic and hydrochloric acids all eat away at rust, while leaving the original metal mostly unharmed. Hydrochloric tends to have the harshest effect, but soaking your tools in most solutions should remove a significant amount of rust from your tools. When using acids, wear gloves and safety goggles, making sure to never intake any type of acids. Further, remember that acids add hydrogen to most metals, slightly weakening the composition of the metal; therefore, do not use acids on high-intensity tools such as knives and drill bits.
  
  

Prevent Further Damage

• In order to keep your tools clean---especially your old ones---take steps to prevent further damage. Make sure to clean and dry your tools between each use and store them in a dry area. For extra protection, use butcher's wax, available at most hardware stores, to coat the tools. Rewax your tools as necessary.