You can use WD 40 to displace the water, but be sure to follow it up with an aerosol gun lubricant because WD-40 is pretty volatile and once it evaporates it will leave the surfaces largely unprotected. There just isn't much oil in the mix.
My preference in this situation is to remove the stocks then spray the whole thing inside and out with an aerosol gun scrubber, working to get it it in all the nooks and crannies. Then let it drip hammer side down before spraying it again, inside and out, with an aerosol gun oil. Then let it drip dry again, wipe it down, load it and put it back in the holster.
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The other water displacing option is to shake it dry, then hit it with a hair dryer, heating it enough to be hot to the touch and keeping it there for 10 minutes or so which will evaporate the remaining water. Then spray it inside and out with a good aerosol gun oil. This is effective, but a little riskier, as any non blued parts that did not have at least some oil on them can get some flash rust - but if you maintain your revolver properly, that should not be a problem.