Rusty Crankset and Cassette Cogs?

Oh Yeah, the Cassette can get rusty, lube it all up my friend : )

Try Spray Teflon stuff, it works wonders !

Sorry to disagree but the spray teflon stuff is garbage and a blight on cyclists everywhere. It works great for the first ride, but it sucks up dirt and makes your chain into a four foot long "Sharpie". Count on nice, long lasting tatoos on your legs and arms as well as any clothing or socks that come within 10 feet.

Get "Rock-N-Roll" lube from your bike store. It's both a cleaner and lube. It washes off all the grime as you wipe it off leaving a super thin, slick, clean, coating that lasts and isn't a dirt magnet. I sound like a commercial but this stuff is far and away the best.

If you can't find it, get a good paraffin-based lube (White Lightning is OK) and a standard degreaser (Performance sells a nice biodegradable one). Clean the chain and gears with it (an old toothbrush is great to have) then apply the lube. You don't have to lube the gears with anything special, the chain lube does the job.

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In reply:

It will be enough to prevent rust in the future and will remove a lot of rust just by applying it, but if there is a lot there already your going to have to scrub it a bit. But the process of application then wiping removes lots and lots of rust.

The good news is, once it's on, you're golden until it wears or washes off. It will stop rust and it lubes both gears and chain.