FastJake

This is not a relevant link. OP has a thread-on freewheel, not a cassette freehub. In any case, the link is about freehub service, not a hub bearing overhaul.

The freewheel can be removed with the appropriate tool (of which there are many different types - go to a bike shop and get the correct one) and then the hubs can be overhauled. See: http://www.sheldonbrown.com/tooltips/hubs.html