I scuba dived with my wave, swam with it in the river, I used it to clean small game and yes it will rust. Before I head out on any adventure I will spray my Wave with WD40 or any other Lubricant (Remington Teflon Gun Lube) I have at home. I would wipe it dry so my tool doesn't drip. After the trip I will rinse the Wave with water and repeat the clean/lube procedure. This time I will pay more attention to the hinges. Than again I would wipe the excess of oil with a tissue paper. When around salt water I rinse my tool with "sweet" water after each submersion (at teh end of the day). About Wave rusting I learned it hard way. I went rafting and for three days I was in and out of the water having Wave constantly on my belt. I got home and didn't pay my tool 2 cents of attention since it was stainless steel. After a few weeks I saw some brownish spots on my blades and other tools were hard to open. I than disasembled my Wave, cleaned it and put it together but it was tought to get rid of the blemishes on the blade. Now after I started doing the simple prevention/after use cleaning procedures I have no problems at all. Still I pay no mind to my blade when out in the field. I only make sure that they are secured and I won't loose them. But when I get home they are getting a right treatment. Hope that helps.

Matt