Rust is a subject that comes up alot, and one that will get many different answers. I guess I would look at it 2 ways, if you are going to completly strip the frame and rebuild it then I would say the best choice is to soak it in oxalic acid, it is cheap, less work, and makes the chrome and steel look really nice, just don't throw anything in that is annodized. Searching Oxalic acid will bring up details on how its done. If you are not going to strip the frame and just want to polish it put together then Never-Dull or chrome polish and some elbow grease would work well, you can buy it at auto stores or Target and the like for about 4 dollars. I learned alot about DIY repair and how things work from www.sheldonbrown.com, plus he has alot of info on old steel bikes and Raleighs. This is also a good place to ask, there are some here with alot of experience who have helped newbies like you and I. Take your time and have fun, you scored a nice bike, plus I would imagine one of your parents may know about it too.

-Matt