Hello Gentlemen, just wondering what you guys use to keep your lathe in good condition. Is there type of oil you apply on the metal parts to keep them clean of rust or corrosion. I notice a little corrosion forming on the lathe bed since it is in my garage. Any other tips for keeping up the lathe and tools is appreciated.

I use BreakFree to wipe down my lathe bed (steel) with. If you bed is cast iron, however, it really won't require much of anything. A light rust may form but it won't get much worse than that.

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Kevin,
I spray down, and then do a light wipe with wd-40 ater each use.
WD-40 was originally desinged to repel moisture and it works quite well.
Roger

I rub down the ways with a block of beeswax, it stops rust and lubricates the banjo, spilled glue and finish pops off with a dull chisel.

I clean mine up with WD-40 and then use Turtle Paste Wax on the bedways. That keeps any epoxy/superglue/sanding sealer/ etc from permanently bonding. The banjo slides great on it and it really protects it just like a car's paint in the elements. I use the paste on my table saw, jointer, and bandsaw tables as well.