Use http://www.furnitureclinic.co.uk/Heritage_Wood.htm to remover the water marks, a water mark is when water is trapped under layers of wax and polish build up. This product will remove those layers and so the water mark will dissapear.
By Harlow727 (Guest Post)
11/01/2005
I dont know about the rust, but if the spots look slightly raised and are lighter than the rest of the wood, try a toothbrush and toothPASTE not gel, scrub it in with the brush, and wipe off...it should get rid of the watermarks in a few hrs. HTH!!