I've used the method Robo mentioned. Works like a dream.
Not sure the silicone rag will do the job, you may need something a bit more aggressive.
I'd recommend Hoppe's #9 for the oil as it's made to fight corrosion.
You may or may not be able to get all the pitting off but it'll give it a good shine.
Good luck, post some after pics for us if you don't mind...