wd40, like the guys said. remove parts like fenders and chaingaurds and just soak them down, let it sit for a few minutes, then rub it in.
on frames, soak a rag and rub it in. do it a few times and don't worry about using too much.
i think clear coating is a bad idea. you don't want it shiny anf rusty, you want it smooth and clean.
check my photos on my profile of my maroon bike to see for yourself...