Guys- I hate to rain on the WD-40 parade but..no. The reason it's called "WD" is: water displacement! It has properties more suited to metal protection than lubrication. It was originally designed/formulated to protect the Atas ICBM skins during the storage/manufacturing process in the coastal sea air to prevent corrosion. Any number of other low viscosity products have the 'creep factor' (no jokes, now-come on!) that have penetrating capabilities, including transmission fluid. FWIW-my technique for frozen fasteners is pretty simple.
1st-heat the entire assembly beyond ambient. Hair dryer, pencil torch, bernz-o-matic, whatever. Your average flame thrower is a little overkill. Don't blacken the paint. While still warm, apply penetrant oil.
2nd-let cool, apply another small amount and let sit.
3rd-reapply heat to where surfaces feel warm/hot-do NOT cook your petroleum base into tar!
4th-while warm-invert a can of compressed air (canned air, any type) so you get the liquid coming out at very cold temps and spray your fasteners as closely as possible while keeping any other parts as warm as possible. Try to 'shock' with a rapid forceful turn on the fastener. This may involve putting a phillips bit in a socket and tapping it sharply.
The whole idea is to gain a little clearance by cooling/heating for thermal expansion and contraction and utilizing that to your advantage. Most fasteners in an assembly line process are installed with preset pneumatic guns dialed to torque snug. A bond can be made by this friction to any painted surface as the heat from the high speed torquing 'melts' a little of the paint. You are trying to break this seal. A few even taps with a (non-pointy!) punch can also prove effective. Don't use so much force you shear the head!
Just a little trick from an old tooling engineer- YMMV... good luck!
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