I got one of the M1 Carbines from Midway USA and want to clean up and put some sort of protective coating on it.  I was reading on here where someone suggested using a Mr Clean white scrub pad and some Dawn dish soap to get all of the grime and grease off of it.  Is there another way or is that good?  I've heard some people mention boiled linseed oil, but I was wondering if anyone had some other suggestions.

You could also try Mineral Spirits to clean the stock up.  Either Boiled Linseed Oil or Tung Oil are the preferred stock finishes, but Teak Oil also works quite well.  Follow the instructions on the can, and be certain to allow the product to fully cure before applying an additional coat.  There are numerous threads about refinishing wooden stocks on the Interwebz.

Clean it with denatured alcohol.
When you are happy apply your choice of , Tung, BLO or RLO.
Use bare hands and rub it in, let it dry at least 24-36 hrs.
Wipe off excess and re apply. I usually am happy with 2-4 coats of BLO.

From the CMP:
Wood Cleaning and Preservation

Thanks for all of this info, guys.  I'll do a bit more reading and get cracking on this