Is my frame rusty?

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Other than my Tarmac, I use a 1996 Raleigh m<20, just to get around the city. It had no water cage bolts, so i found a couple that fit, so nothing would get in the frame, I just took the bolts out to check em, and they were rusty on the threads, is my frame rusting? Is there any way to save it?

The bolts are probably rusting.

Other than my Tarmac, I use a 1996 Raleigh m<20, just to get around the city. It had no water cage bolts, so i found a couple that fit, so nothing would get in the frame, I just took the bolts out to check em, and they were rusty on the threads, is my frame rusting? Is there any way to save it?
Coat the inside of the tubes with frame saver.

Other than my Tarmac, I use a 1996 Raleigh m<20, just to get around the city. It had no water cage bolts, so i found a couple that fit, so nothing would get in the frame, I just took the bolts out to check em, and they were rusty on the threads, is my frame rusting? Is there any way to save it?If you are worried (beyond-or-before using some FRAME SAVER), take the bottom bracket out (or, the seat post ... note the position with some masking tape to facilitate putting it back on) ... tap the frame with a rubber mallet OVER a piece of "typing" paper, and see if any rust drops out.

If you are worried (beyond-or-before using some FRAME SAVER), take the bottom bracket out (or, the seat post ... note the position with some masking tape to facilitate putting it back on) ... tap the frame with a rubber mallet OVER a piece of "typing" paper, and see if any rust drops out.
I'll try that, thx. Is frame saver expensive?

I'll try that, thx. Is frame saver expensive?
Nah, costs between $10-20 US. Here is a link to Afred E Bike for some:
http://aebike.com/page.cfm?action=details&Affiliate=3&PageID=30&SKU=LU7500

Other than my Tarmac, I use a 1996 Raleigh m<20, just to get around the city. It had no water cage bolts, so i found a couple that fit, so nothing would get in the frame, I just took the bolts out to check em, and they were rusty on the threads, is my frame rusting? Is there any way to save it?
If a frame is properly rusty, if you 'boff' the bottom of the frame a few times with something soft, but heavy, just to disturb anything loose, then take out the seat post and turn the frame upside down. You will see the brown dust / rust come out of the tube.

As per the previous posts, lots of frame saver is the thing to do. But, if the rust is already well under way, it'll be less effective.