I would be inclined to first submerge dampened guns in WD40 as it is specifically intended for water displacement.
If you ever read Elmer Keith's "Hell, I Was There" he talks about all the guns that were destroyed in a house fire, double rifles, etc. The sad part was that they weren't actually destroyed in the fire, but were caused to corrode due to the fire-retardant used to put the fire out.
dju
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