I once took a home mechanic course at United Bicycle Institute at which they recommended rubbing alcohol for the drive train. They said it is a good enough solvent, cheap, drys clean and causes no damage. (I used to use kerosene, but it smelled awful, gave me headaches and dissolved paint if I wasn't careful.)

I've used Alcohol for years now, applying with rags, old tooth brushes, etc. It works well - even cleans up wheel rims and brake pads without causing brake squeal. If the chain is REALLY gunked up I use Simple Green in a chain cleaning gadget and then alcohol on rags and brushes. I don't apply Simple Green outside the tool though, because I find that if it gets on the rims it leaves a film that causes brake squeal.

As for the frame, I just wipe it clean with water.

I wonder, has anyone else ever heard of using alcohol?