After a rainy day hunt--(and today looks like it will be one of those) I shoot a few arrow in the basement, use a face towel to wipe off the excess water and then use my wife's hair dryer. Try and not hold it stationary for long or too close to the limbs. I hold it about 4" off, moving the dryer from left to right constantly. The screws tend to rust first, so work around the screws, axles, limb pockets and sights. After I would use some ML9 wax on the string & cable, rub in vigirously with a piece of leather, until you feel the heat on your fingers, then wipe gently with a piece of cotton to take off the excess wax and dirt.
At the end of the season I would tear down the bow, and use silicone & graphite, if they are signs of rust, I use my dremel and a buffing wheel.