When a bearing actually binds it generally will need more than lubrication, and as you found out - immediate attention. If you want to do it yourself Google "front hub overhaul" and study several sites, especially Parktool.com and sheldonbrown.com. They will tell you what tools are needed and the procedure. Odds are high that you will need new cones and axle, and possible that the cups are ruined, which is "worst case" - new wheel will be required.
Last edited by cny-bikeman; 07-13-12 at 10:24 AM.