You might be looking for this.
You can use a machine oil, chlorine, and sulfur.
When I first started doing machine work in the early 1960's it was what we used. I never made it myself so don't know the amounts. They melted the sulfur in a tin can and added it to the mixture.
The one below would be an easy one to mix up.
Things You'll Need
1 qt. of motor oil
3 cups of dish washing liquid
4 gallons of water
Purchase the necessary products. Motor oil can be found at your local gas station and dish washing liquid at convenience stores and supermarkets.
Add the liquid soap to the water. Mix the soap into the water so that it is dissolved. The soap is the catalyst that will enable the oil and the water to mix; otherwise the different densities will make the oil float on top of the water.
Pour in the motor oil. Make sure that the water and the oil are mixed properly together with no separation. The water will act as a coolant in the cutting oil, while the oil acts as the lubricant, as the water is evaporated off by the heat generated in the cutting process.
Read more: How to Make Cutting Oil eHow.com http://www.ehow.com/how_6860630_make-cutting-oil.html#ixzz2JJtO8LcW