Absolutely! I have had great success with a 50/50 mix of ATF and Acetone on several occasions. Shortly, Grumpy will be by and supply every bit of what you need to know. Meanwhile here's a post from a great forum on this subject.
OT - Penetrating Oil
In a thread in the antique machinery forum, there was a discussion what to use to free up a part. Southbendmodel34 had mentioned a study in Machinist Workshop stating that
Automatic transmission fluid and Acetone mixed was the best.
I just received a newsletter today from Tim Carter mentioning the same study. He had included the results of the test, which I thought interesting.
http://www.kanolabs.com/
A study done by Machinist's Workshop magazine in their April 2007 issue looked at different penetrating oils to see which one did the best job of removing a rusted bolt by measuring the pounds of torque required to loosen the bolt once treated. If the study was scientifically accurate, it turns out a home brew works best!
http://www.freealloil.com/
you might want to try this FREE ALL I found it works even better than most common penetrating oil sprays
Here's the summary of the test results:
Penetrating oil ..... Average load
None ...................... 516 pounds
WD-40 ................... 238 pounds
PB Blaster .............. 214 pounds
Liquid Wrench ...... 127 pounds
Kano Kroil ............. 106 pounds
ATF-Acetone mix....53 pounds