What you are looking at is not a bike left out in the rain or snow, nor is it a victim of road salt. None of those things could have done this thorough of a rusting job.
No, what you are seeing is a fellow that I used to work withs trainer bike. Dude rides this thing like a banshee in the winter, puts rags down all over the floor to catch the sweat, and rides harder on a trainer than you could ever believe. The amount of sweat this guy puts out is legendary, and you can see the complete and total devestation his bodily fluids cause on his bike. He actually has two of these things, one at home, and one at work. Around the shop we always referred to it as the Titanic bike as the most apt comparison in memory are the photos of the rusty ship on the ocean bottom. Make sure to click on the photos and enlarge them, they're so nasty they make robots shift uncomfortably in their seats.
Note the light blue/green color the nipples have turned