don't pedal backwards...
Join Date: Jul 2005
Bikes: Surly Long Haul Trucker set up for commuting and loaded touring, old Sekine road frame converted to fixed-gear, various beaters and weird bikes, waiting on the frame for my Surly Big Dummy build
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If you have cartridge bearings in the BB and hubs, you probably don't need to worry much (and there's also not much you could do if you wanted to). If you have cup & cone bearings, it would probably be prudent to disassemble, clean, and repack them. If you don't already know how to do this with cup and cone axles and BBs, you would probably be best off finding someone that has some experience to show you how to go about it.
Your deraileurs should be fine with just spraying a little lube on the moving parts. If you are feeling ambitious, you could remove the idler wheels from the rear DR and clean and re-oil the bushings.
I would also be a little worried about your chain. Any air pockets likely have had water sucked into them as the chain flexed around the sprockets and rear deraileur. If you care deeply for the chain (if it's expensive and brand new, for example), you should probably remove it and try to degrease and dry it thoroughly. A warm (not hot) oven would help any remaining moisture to be dried out. Alterately, you could drown the chain with a healthy spray of WD40, which is designed to displace moisture. After the WD40, be sure to treat the chain with some real lubricant, as WD40 is not an effective chain lube.