Well it's not so secret now..
The WD-40 Formula
I cant stress this enough, but when it comes to lubricating parts on your drum kit, and any other musical related equipment, avoid the blue tin as much as you can.
Now this isnt a dig at WD-40, its a fantastic product, I use it alot for cleaning rusted parts, displacing water, cleaning other surfaces and protecting... what it says on the tin. What it dosent say on the tin is "maintaining drum hardware"
Alot of people think that if you have a squeek, get the WD out.. its not the case. More then likely, your pedal / stand / hi hat / snare strainer will require lubricartion, not kerosene.
There are many products available that lubricate better then WD-40 as they are intended to lubricate.
Lithium Grease and PTFE based Oil / Chain Oil. Look out for these. These are all you need to keepy your pedals and any other moving parts free and smooth and healthy. This is because they are generally thicker. but also PTFE is plastic based and is often described as "perment lubrication" as it sticks to alomost anything, and is translusent in colour. It creates an alomst invisible film on the surface of the metal which is very hard to remove unless cleaned off. It makes it perfect for bass pedals!
(as someone mentioned below Valve oil is another good lube, and other mineral based products, you might want a thickish product)
3 in 1 oil is good, but I wouldnt recomend it if you use your pedals indoors, as soon enough, the oil will turn black and slowly turn to a black powerdery subtance which will leave HORRIBLE stains in the house and carpet!
I use PTFE based products on all of my equipment, and I have to say it works perfect.
Whats so bad about WD-40 you say? it's this: WD-40 is intended to displace water, like if you get butter on your hand (for example), and try and wash it off.. the water just runs off, you often need soap to break the surface tension. Much the same theory applies with WD-40, it repels water. Because its laden with solvents and other derivities of petrolium products, it does more then just repel water, it breaks down other petrolium products such as grease. If you are unluky enough to get wd-40 inside your pedal bearings, you will know as it often becomes squeeky, gritty but still fast. This is because its 'washed' away the grease that was already inside your bearings from new. This is what it is designed for, and intended.
I will say WD-40 is great for cleaning small pitted rust from hoops, hardware, chrom and more. I use it alot for that on my older hardware. But keep it away from moving parts unless you want to free somthing off thats rusty.
Use the right tool, for the right job!
If you own a Pearl like this (most generic bass pedals use the same design), this little diagram ive made give you an idea of how a cheapy pedal can be turned into a Flying-Python-Terimantor-900 pedal just by adding PTFE to any part that moves basiclly oe that has metal on metal contact.
Now.. this all might seem a bit far fetched, but I will gaurntee you if you go into a recording studio, a sound engineer will not have the balls to tell you that you don't know how to look after your gear propperly if he hears it creaking and moaning. A squeek in the overheads from a flimsy pdeal is the last thing you want (think john bonham squeek!). Apart from this, im suprised by the amount of people who just simply ignore looking after things right. A DW 9000 is not a cheap pedal, its a piece of engineering artistic marvel and functionality, and you want to keep it tip top!
You change the oil in your car every few thousand miles or so, and if you didnt use oil, it would almost certainly die within minutes of being run, why shouldnt you do the same to your hardware?
Hope this little rant / post helps you guys who have been unsure if WD-40 is the best product to use.