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I'm not sure I would want to use pencil lead as a lubricant. The graphite is obviously a good dry lube, but the clay binder in pencil lead is rich in aluminum oxide which is a common abrasive. Pencil lead will grind away on a surface without causing enough abrasion to scratch a finish (unless you really get after it), but I don't think I would want it inside a gun.

I think I know. My grandfather taught me to use a pencil to remove rust. The pencil lead is soft enough that it won't scratch the finish, but it will abrade a rust spot. For that flash rust on the surface, you can use the eraser to rub it off. Naturally you would only do this on a well-worn milsurp you just bought.

It's also handy if you think your pistol's firing pin isn't striking. Run it down the barrel, and pull the trigger. It brings a whole new level of fun to dry firing. If you're going for accuracy, use a corkboard as a target or your wife/mother will kill you for putting 30 little holes in the wall. It was a whole lot of work to spackle all those holes with a small screwdriver. Or so I hear, anyway.

And last but not least, you've got to have a pencil handy to mark your range card.