What's getting rusty? Take a careful look. If the cam/wheels have roller bearings they are factory sealed. If so then no lube is going to get into them. Instead of wiping things off if wet just try some silicon spray in the axle area to chase the water out.
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One thing to never use is WD-40 or any other penetrating oil. That goes especially if your camshave bronze bushings instead of sealed bearings. Use teflon or siliconbased products, like BGFisher said.
We use Quantum's Hot Sauce at work. Originally intended for use with fishing reels, but it works really well for lubricating cams.
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The prey must have the predator, just as the predator needs the prey. One without the other is something less. The wolf without the deer becomes a dog. The deer without the wolf becomes a cow. And what does man become?
Be careful of lubricants that stay wet. Wet attracts grit, and grit wears things.
I use a lube originally designed for mountain bike chains (White Lightning). It is a teflon based lubricant in a parafin sort of base. It goes on as a liquid, but dries and is nice and slick without being wet.
Cam lubricants
