Yes it will! Try a search....
The components of a 'Danish Oil' varnish are Boiled (not raw) Linseed Oil and an oil based varnish all diluted to a desired 'watery' consistency with a paint thinner. Polymerised (not raw) Tung oil may be used in place of Linseed Oil and the thinners may either mineral spirit or pure Turpentine.
'Tru-Oil' is made from a mixture of 56% mineral paint thinners, 33% oil varnish and 11% linseed or Tung oil. The exact specification of the components are, of course, a trade secret.
Len, he asked if anyone had tried this...
and you left out that all drying oils are combustable including Danish,
Any oil based finish (oil based poly) is combustable.
As for dangerous, just breathing lacquer and varnish is a hazard.