Maybe not too much of a mystery.

http://en.wikipedia.org/wiki/Marvel_Mystery_Oil

The product is composed of 74 percent mineral oil, 25 percent stoddard solvent, 
and 1 percent lard.

Mineral oil - ie unscented baby oil, thickened as Vaseline
Stoddard solvent - paint thinner
Lard - rendered pork fat


The paint thinner will work its way into cracks, dissolve old grease and carry 
the mineral oil with it.
For a more aggressive penetrating oil increase the percentage of the solvent. 
For a winterizing job
decrease the percentage. Very little lubricant is required. Not sure what 
advantage lard has over
newer "slippery stuff" such as teflon, maybe in the dissolved state it carries 
into thread and cracks better.

ATF and Acetone? Another oil and solvent mix. Note that older Ford ATF had 
whale oil in it as a friction
modifier.

As a cautionary note it is possible to mix various petrochemical products and 
end up with something
that evaporates into vapor that is explosive rather than being too lean or rich 
to burn well. Raw
gasoline tends to evaporate away, oil barely evaporates so neither is likely to 
produce an explosive
cloud - though they both do burn well. Mixing various things together,  
particularly like acetone, can
result in a mixture that will explode from a simple act of pouring it from one 
container to another.

http://www.workplacegroup.net/articles/article-flammable-liquids.htm

Mike
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