I've tried this before (theres a post i did/contributed too on it and cleaning DMT's a fair while back).
Mineral spirit = white spirit
Works fine, if anything a little bit coarser cutting action than if you use water (not sure why). Also means you can't leave the stone wet and suffer from the associated rust.
I never can remember this... Erm, yes, I think it is. I use paraffin personally, or odourless lamp oil to be more accurate. Doesn't seem to cause any ill effects, stops the potential rust problem and saves me from having "so if you don't like waterstones because of the water, what about your diamond stones eh? Eh?" conversations. :lol:
According to several sites including this http://physchem.ox.ac.uk/MSDS/WH/white_spirits.html it is what we call White Spirit in the UK. I have used it, and it works fine, but I hate the smell of white spirit, and it does nothing for my skin and in particluar my lungs. I prefer WD40, which is instantly available out of the can, definitely stops rusting, and doesn't seem to irritate MY skin the same way. That's a personal reaction.