WD-40 is the trademark of a widely-used penetrating oil (cleaner, lubricant and anti-corrosive solution) developed in 1953 by Norm Larsen, then working for the Rocket Chemical Company. It stands for "Water Displacement, 40th attempt" (see below). Its first industrial use was by Convair, which used WD-40 to protect the outer skin of the Atlas missile from rust and corrosion. The product became commercially available on store shelves in San Diego in 1958.
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I am skeptical about using it in a computer hardware, but for other purposes its ok, like car and house utilities.
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