I Hate Revolutionary Jargon!
...but I love a collection of Naval Terminology, Jargon and Slang (Intel Source: Rontini's BBS). Here's the entry for "bug juice":
"Bug juice - A substance similar in appearance to Kool-Aid which is served as a beverage aboard USN ships. Its color has no bearing on its flavor. Largely composed of ascorbic acid. Used extensively as an all-purpose cleaner/stripper for bulkheads, decks, brass fire nozzles, and pipes."