10) Protect the bike's exposed metal
ESTIMATED TIME: 10-30 minutes
Do not apply chemicals or lubricants to brake pads, brake rotors, or tires. This section is about protecting the frame, the rims, the chain, etc. Don't mess with the brakes. If you get chemicals on them, clean them thoroughly with brake cleaner. (Available at any auto parts place.)
To protect metal parts, spray the exposed metal parts of the bike (particularly the underside) with a rust inhibitor like WD40, cosmoline, or Maxima's Chain Wax shoul. (Believe it or not, Chain Wax works very well for this purpose!) These chemicals will prevent rust and corrosion from making any progress while the bike is in storage. You will want to do a good job of removing them come spring.
PJ1 makes a rubber-protecting chemical that seems to keep rubber from dry rotting. Although you shouldn't spray any chemical on your tires, other rubber parts of your bike might benefit from some of this stuff.
Rusty spots (except on the brake rotors) should probably be attended to over the winter. See the section on stuff to do over the winter, below.
If you get any ChainWax/WD40/cosmoline/whatever on the bike's pretty parts, do a little touch-up washing to prevent these chemicals from staining the bike's finish over the winter. Diluted "Simple Green" (an organic degreaser) followed by either Honda Pro Oils "Spray Cleaner & Polish" or Meguire's "Quick Detailer" should work well.