Originally Posted by sydney
Olive oil is NOT the proper lubricating oil for ANYTHING on a bicycle. It's better than nothing but that's about it.
EDIT: I didn't notice when I replyed that it was Sydney that made the olive oil comments.

Clearly he was joking...and I didn't recognize it.
To protect parts from rust, keep them clean and free from salt from sweat. A little WD-40 also won't hurt, particularly if there is water present.