Once you get the rust off, I recommend Boeshield T-9 spray to keep the rust off. I use it on cast iron tool tables and it works really well, even here in the rainy Pacific NW winters. When the "How can I keep rust at bay" threads come up on the woodworking forums, Boeshield T-9 is always a high ranking contender for method-of-choice.
You can get it at Sears, as well as most woodworking supply stores. Sears has it in a kit with Rust Free (basically phosphoric acid) for around $25 dollars or a little less.
http://www.sears.com/shc/s/p_10153_12605_00928468000P
The Rust Free works well to remove surface rust, but left a freckled patina appearance on my cast iron tool tops. I don't mind since I know it got there doing a good job removing rust. But on a nice LE knife, that spotted appearance might be objectionable.
Nakatomi, you can find Renaissance wax at Woodcraft, Rockler, and lots of other woodworking supply vendors. It comes in 4 oz, 7 oz, and 3 liter sizes. I recommend the 4 oz can for around $15, since a little goes a long, long way. A thin coating is the goal and, given its relatively high price (compared to Johnson's paste wax, which is another contender) you don't want to waste any of it by applying a thick coat of which most gets wiped off as excess. I leave the lint-free cotton rag in the can after application and it eventually gets pretty saturated with Renwax. Thereafter, I don't really need to "load" the cloth much at all.... just pull it out of the can and rub the very thin film that comes off from its stay in the can onto whatever surface I'm waxing.
