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.
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!!
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