Also makes a good spot for the bodies. The ones with a gasket help to keep the stink down, and keeps the flesh eating beetles in working.It also makes a lousy aftershave lotion.
If you're going to store your gear in a shed or garage where rodents are an issue, check craigslist and garage sales for old, pickup bed toolboxes. I've picked some up for dirt cheap, and they're very rodent-proof. Even the polyethylene ones are too thick for them to chew through, but I prefer the aluminum and steel ones.