Sure you can - you just have to pay federal and local alcohol taxes. Everclear is 190 proof (95% alcohol) pure grain, ethyl alcohol. It's so pure - you can drink it...
Denatured ethyl alcohol is 200 proof (100% alcohol) and is denatured with methyl isobutyl ketone (MIBK) - which is also an organic solvent.
Thats not "pure" ethanol... its part water.
I mean 100% ethanol... Its not readily available.
Denatured alcohol avoids liquor taxes because you can not drink it... its toxic... made so by the other solvents added to it. I have seen it denatured with acetone and isopropyl.
Key take-away...drug store rubbing alcohol is 30% water.
I do not want to rub down anything made of steel with water.
I would use diesel fuel, charcoal lighter fluid or any petroleum based solvent before I would use rubbing alcohol.
Even WD-40, and it is not often I would use that for anything.
This demonstrates two important misunderstandings on your part about "rubbing alcohol"...
One, there are mixes readily available that are only 9% water...
Two, Isopropyl alcohol is fully miscible in water, and forms an azeotrope with water.
The last points are important...
Miscible means that they readily mix thoroughly, in all proportions, into a homogeneous solution.
Azeotropes are solutions in which the components can not be separated by distillation/evaporation. Meaning, as the alcohol evaporates, it takes the water with it. Different proportions of water and alcohol means different rates of evaporation... at the levels of rubbing alcohol, the mixture evaporates pretty quickly, with the higher concentrations of 91% being the fastest. There will be no water left over once the part drys... Also, the water is locked up with the alcohol, and can not really cause rusting. Besides that, the water used is completely pure. It is the impurities in most water that causes corrosion. (BTW, completely pure water is poisonous... well not poisonous in the traditional sense, but it leaches the vital organic compounds out of your cells, and kills you that way)
hickok45 uses rubbing alcohol to clean new guns in you tube video....don't know which exact kind of rubbing alcohol,,,
like some poster said they won't use it because rubbing alcohol in all concentrations - 70, 90 even 99 percent has water in it which is bad for metal then....why is he using it?
I just answered this.
I have access to the 99% stuff, and use it for cleaning on rare occasions. Mostly I use it to speed up the drying of brass that I ultrasonic clean and then rinse with water.
This has gotten deep... but if the OP desires to strip the old lube, then he has easy options.