Isn't WD-40 pretty much kerosene (paraffin oil to those on the other side
of the pond) with some lighter solvents added? I've never found it to be
much better than kerosene for freeing rusted bolts at any rate.
It has some heavier stuff added too. If you fill a container with WD40
and leave it overnight (cooling it is supposed to help too), it will
separate into 2 distinct layers. The top one is actually a reasonable
light oil, the bottom one is much like wax.
-tony