Liquid wrench or brake fluid will do much better at penetrating and unfreezing it than WD40. As for removing rust, coke does a damn good job. Toothpaste does decent as well. And, if you have to get the bolt back into grabbable condition, get a file and file two opposite sides flat, and use vise grips.
BTW, is this "bike" a bike like motorcycle, or bicycle? (I speak from experience about removing rusted bolts/screws/rust because I have owned 2 20 yr. old motorcycles)
Ricky
DesignDawg