Doesn't rubbing it on your arm hair tend to, you know, remove the arm hair? ;-) I jest.
The drying part is the key. Corrosion at the thinnest point (edge of the blade) is what really kills blades. I'm also a Mach 3 user and have had some success extending the life of my blades by "stropping" them on an old towel before use.
Of course, what makes the biggest difference is to just not shave very much.