If you read the Hub Gear vs Dérailluer thread, you'll know that keeping your chain lubed just makes it wear faster. Yep! That's right, silly. So, now you'll have to replace it.

There are endless chain removal viddies on Youtube, often made by the deranged. Here's one of the better ones. Use of the chain removal tool. If you didn't ever learn how the experts do it, now is your chance:

http://bicycletutor.com/chain-tool

But first, here's how to make it the correct length.

Now, watch how this guy does it. You want a scratched frame? You enjoy listening to profanity? Let's do it!