CLR stands for Calcium, Lime, and Rust remover. It is primarily sold as a bathroom cleaner for removing hard-water deposits and rust rings. It works.
It also works well on lightly rusted blades without destroying the finish as a polish such as Fitz can do. Inasmuchas CLR was not formulated with knives in mind, I would be careful about getting it on the handle materials.
WD40 is also an excellent rust remover. I've had very good results by soaking the rusted areas with WD40 for a few minutes and then rubbing with a paper towel. Paper towel (at least the cheap one's I buy) are slightly abrasive, very, very slightly. The WD40 will loosen the rust up and then the paper towel will wipe it off. It often takes several cycles through this process to remove as much of the rust as you possibly can.
BTW, CLR take the form of a slightly greenish liquid, just slightly thicker than water and with no objectionable odor. You simply apply it directly to the rusted areas and then wipe off. it works very quickly.
It's also great for fine crystal glasses that have become clouded by hard water deposits (usually the result of being air-dried instead of towel dried, or, even worst, run through a dishwasher).
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Chuck
Balisongs -- because it don't mean a thing if it ain't got that swing!
http://www.4cs.net/~gollnick