Back when I was Buggy Chairman (and being a Fine Arts major and not knowing much about engineering) we used to take the grease out of stock bearings and replace it with light oil. This turned out to be a dumb idea for several reasons:
1. The bearings inevitably got contaminated with crud (specks of dirt, etc.) and didn't roll worth a damn.
2. Not knowing squat about metallurgy, we used alcohol to get rid of the grease - we put the bearings in a jar and covered them with alcohol. This made the bearing rust. The next step was yet another trip to Bearings Inc. That store must have loved having The Sweepstakes nearby.