rust ...
- dunk the components in a can of mineral spirits for a few hours.
- follow up with naval jelly (loctite brand).
- polish components with a file, auto sandpaper (600 grit), and mother's.
- for chrome, try aluminum foil and wd-40.
- for frame rust, search the bikeforums. if it's real bad, you may need to soak the frame in a tub or kiddie pool full of phosphoric acid.
for my one frame that i wanted to sell that had bad surface rust, i used sandpaper, then did some paint work.
if it's just surface rust on the frame, and you aren't going to sell it, you may just want to leave it alone, possibly using a clear nail polish to prevent further rusting.