How come when it rusts iron can undergo oxidation without the prescence of a another metal to undergo reduction?
Rusting is a redox reaction.
$\ce{4 Fe + 3 O2 -&gt; 2 Fe2O3}$

Redox reactions mean one chemical is being reduced and one is being oxidized. Reduction = electron gain, oxidation = electron loss. The reason it is called oxidation is because oxygen is so good at reducing other chemicals (it wants electrons). How do you tell what gets electrons in a compound? Oxidation numbers.

Oxidation numbers signify how many electrons each atom has. -n means it has n more than neutral state, +n means it has n less than neutral state. In molecules which have only one element, oxidation state is 0. So Fe/O2 both have oxidation state 0. There are some rules on oxidation states in compounds which are complicated, basically usually group 1 is +1, group 2 is +2, O is -2, and group 17 is -1. In this case each O in the end is -2, and Fe is +3. So each Fe lost 3 electrons.