Did you actually drop your sword in a lake? What kind of sword was it? Was it a UC one, or made by someone else? I dont think WD-40 is the answer, its bad for the blade, atleast a functional one. If its possible, take the sword apart, and wipe it as much as you can. Oil it...a lot...and clean rust if you see any. The grip should be alright, just let it dry, though im not sure what might happen to the leather. If its a UC sword, I dont think theres an easy way to take it apart, so youll just have to wipe it down as good as you can. The hilt shouldnt rust, but the blade might, so keep it oiled. Again, im not sure if the leather grip will be fine. Perhaps youd need to find some kind of leather oil

Thorins the real e xp ert on this subject though, to bad hes having fun at BBB instead of here

~wormtongue

Sorry, I didn't see this until now!

I should hope that no sword is ever dropped into a lake, except excailbur But I know that many naval battles have lost precious swords and people alike. People being more valuable then the swords though.

What would you do? I'd suggest putting the sword in some kind if heated room, like a sun room. This will heat the blade a bit and it might be just enough to evaporate any moisture inside the handle or anywhere else on the sword. Obviosly you would want to wipe the blade and leather clean and after that you would want to coat it with oil or wax right away. If moisture did start to penetrate the metal, then you will want to stop that process asap.

Other then that... depending on the sword, Katanas are great for this, you can take the handle off and hand dry all of the components sperately. Once a sword has begun to rust, you can only prevent further rust. And then it become a question of restoration or preservation. And that my friends... if entirely up to you and is another story on its own.

Sorry for the delayed reply...