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WD-40 is a multi-purpose light lubricating oil. The WD-40 will definitely displace and remove the water or moisture from the chain. It will also act as a rust preventative on any of the metal surfaces. WD-40 will not "dry out" the rubber o-rings. In our testing, we have found no effects on surfaces of rubber or o-rings. Certain types of rubber may swell under prolonged immersion in WD-40 (this refers to long soaking, and not just a spray).
WD-40 is also a cleaner, it will remove grime, dirt, tape, bumper stickers, and oil. It is possible that if there was a special lubricant in the o-rings, the WD-40 could act as a cleaner and remove that oil. The special lubricant would be replaced with WD-40, which is a light lubricating oil. I'm sure there are more superior, heavy duty (and costly) chain lubes on the market. There are a lot of people that recommend using WD-40 on their chains. Perhaps some experimenting with WD-40 as a water remover and rust preventative, followed by a heavier chain lube, would fit your needs. The bottom line is WD-40 will not harm your o-rings, but it could remove a lubricant that was previously applied to the chain.