[EdCaffreyMS]

This is certainly not something I would recommend doing to a knife blade. For knives the best thing I've found is just a good coat of caranuba automotive paste wax. Put it on just like you would a vehicle.

For ornamental ironwork, I use a mixture of canning wax, beeswax, japan drier, and turpentine. As has been mentioned, the key is to heat the object your coating, generally to a "black heat", then wipe the mixture on. The liquid portions of the mix will be evaporated, leave a fine, even coat of the solids to protect your work.