It isn't much of a lube, as we need for bikes. Use the apporpriate wet or dry lubes for chaines, lithuim grease for sealed/closed parts and greases for the heavier bearings.
Save yourself some trouble and buy a book on bike maintenance and repair like Zinn's.
Forget the WD-40. It's not a lube. If you want a product that will clean AND lube, try Pro Link Gold. It's the only lube I use for my chain. Although, I use a degreaser on my chain before I apply the Pro Link.
These guys are right. WD40 will attract dust and make things much messier, dirtier, and actually shorten the life of your chain and other parts. I use rocknroll dry lube. It is dry lube because it has alcohol in it and when you apply it, the lube gets down in all the nooks and crannies, but the excess liquid evaporates because it is alcohol based. Its not too expensive, and using a real lube will save you loads of trouble later on. When you apply lube, make sure you take a rag and wipe off the outside of your chain too, you only need the lube on the inside.
Yes you can, but like the others said it's not a good idea. Not a real good idea to use as a degreaser either. Stick with stuff that's for the application for which it is intended. You can always formulate your own lube/degreaser later if you like.
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