For what it's worth.....I would shell out $5 and buy Shimano oil (although I'm sure the other stuff would work, if it's not THAT old. Don't hose off reels. Run water (low pressure) over them (avoid getting water inside them). I only do this if the reel can't be wiped clean, which is rare. Dunking reels ruins them (unless they are cleaned and re-lubed afterwards). Yes, I know you can dunk them, but they won't last nearly as long if you do.