Lots of good advice above. I use a Clarks paraffin missing spray - long nozzle, fine mist, under 20 quid - with a compressor.
But for once I agree with Botus. DO NOT GET ANY in the brake discs. Even a slight swipe from a rag. As he says, it takes forever to wear off.
Really not sure how you'd ever see any over spray? I wrap my wheels and discs first in kitchen towel, them I cover with foil, then plastic bags over the front wheel - I remove the rear wheel.
It's bit of a job, but well worth it. In the spring, the clean up reveals am almost new bike!
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