I'm sure there is some truth to that. Just being a barrier of a mix of wd40/oil and dirt would help to keep moisture out.
I've heard a lot of "old timers" saying they used to put used oil inside there frames and inside their door panels. I doubt any dust/dirt really builds up inside a door though.
To be honest, I actually thought the oil would have prevented rust pretty well but it didn't even keep the bare metal rust free for 24 hours?
Maybe I'll stick two more samples under my truck (magnets?) and coat one with WD40 and one with oil to test their effectiveness in real world driving situations.
I would think dirty used oil would be slightly more sticky too.