There is something similar to this called Waxoyl, and yes it does work, as long as the metal is nice and clean.

 

I have a 2000 extra cab I'm slowly stripping away rust on the doors (kids, long story, prevents me from working on this at a faster pace), next is cab corners. Can I get at cab corners from inside the truck to do some preventive maintenance? I have some bubbles.

 

I guess Im getting lucky, my excursion still has the big plastic running boards that let all the Chicago salt build up on the bottom surprisingly keeping them very clean! The only downside is my rockers are suffering. I am going to try out fluid film, I have heard it works well for tight spaces. The previous owner had used ziebart and it's just as simple as popping the plugs out and filling up with fluid film!