Quote History Quoted:
WD-40 is not a lubricant, it is a Water Displacement solution.
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The people who make it seem to think that it is a lubricant as well.
From their website
WD-40® MULTI-USE PRODUCT FULFILLS FIVE BASIC FUNCTIONS:
LUBRICATES: The product's lubricating ingredients are widely dispersed and tenaciously held to all moving parts.
PENETRATES: WD-40® Multi-Use Product loosens rust-to-metal bonds and frees stuck, frozen or rusted metal parts.
PROTECTS: The product protects metal surfaces with corrosion-resistant ingredients to shield against moisture and other corrosive elements.
REMOVES: WD-40® Multi-Use Product gets under dirt, grime and grease. Use it to remove gunk from tools, equipment and vehicles. WD-40® Multi-Use Product in liquid form (e.g., gallon) also dissolves adhesives, allowing easy removal of excess bonding material.
DISPLACES MOISTURE: Because it displaces moisture, WD-40® Multi-Use Product quickly dries out electrical systems to eliminate moisture-induced short circuits
I have done at least a dozen receivers using WD40. A quick spritz after each pass works very well. While it may not have the higher lubricity of a cutting oil, it flushes out chips and cools better than the thicker oils. Both important considerations.
I found this thread on the subject on the practical machinist forum. Most agree that WD40 works well when machining aluminum.
http://www.practicalmachinist.com/vb/general-archive/wd40-aluminum-80456/
Obviously any type of lube is better than no lube at all, but I wouldn't poo-poo the use of WD40. It is even mentioned in the Modulus instruction manual as a recommended fluid.