Get a can of Jig-A-Loo, use it to clean off the rust.
You can then spray rust-prone parts like the outer barrel and screws: the lubricating film help repel water and prevent rust. Avoid getting it on rubber/silicone/etc, it contains methylene chloride (a potent solvent). Avoid getting it on paint as it may strip it/cause it to bubble/peel. Likewise, use in a well ventilated area and avoid getting it on your skin.
And as always, a bit of maintenance after games helps prevent this sort of thing.
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