You sure could!! I'd use something gentle from you good friends at three M, less aggressive than rubbing compound. I use Mothers carnuba wax. I think they even make a cleaner wax, that has a mild abrasive in it. That might be enough for you, depeding on how oxidized the surface is, and whether or not you are using a real machine, or a home type machine.
But you might want to buy Meguire's wax, then your truck will be as shiny as his dentures.
