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OK.....here is the straight dope from an excellent book by Bob Flexner called "Understanding Wood Finishing".
Linseed oil comes from flax seed, but dries too slowly to be useful.
Boiled Linseed oil is made by adding metallic driers to speed drying (they used to heat the oil to dissolve them hence the "boiled" name). BLO penetrates deeply because it dries so slowly but has poor water resistance.
Tung oil comes from Tung trees in China. It is used in many high end paints and varnishes because it is more water resistant than BLO, but only after 5-6 coats used by itself. It is gummy when thick (dries soft like BLO)
Varnish, is an oil to which resin (polyurethane is a resin) has been added then heated. It dries much faster than straight oils. It doesn't penetrate as deeply because of it's shorter drying time, but is more water resistant and dries "harder".
CPES is a volatile thin form of epoxy that was developed to kill plug builders in Brockton and keep them from flooding the market with penis replica plugs.
Hope that straightens things out a bit.
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