Haha... I just saw this post. It'll probably work to cure the rust problem, but that is a big damn mess! Reminds me of the time a guy I used to work with told another guy that he needed to put vaseline on his wheels to keep them from rusting over the winter. He did it, and they were VERY black by the time he wiped it off, but they were still nice and shiny underneath!
It's also a great place to keep lube for your anal dildo in case you forget to bring some! Just wipe it under the car and then drill yourself in the ass with it!!