i smell bacon
Join Date: Mar 2010
Bikes: Geekhouse Deerfield, GT Edge Ti, Spooky Skeletor, TET Track, Ritchey P-650b, Bridgestone MB-3
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Steel is a very resilient material and will hold up for decades despite the formation of rust. There are some cases, however, where bikes undergo premature failure due to excessive exposure to corrosive elements such as road salt.
In the case of the occasional rain ride, however, I would just do what Squirrelli said. Dry the bike off to the best of your ability and make sure your chain is lubricated. It's also a good idea to put some sort of anti-sieze component in your seat tube to prevent your seat post from binding with the seat tube. Framesaver is also a product you can spray into your frame to prevent rust.