I just ran across this nice article on doing a very basic watch overhaul with minimal tools.
It's a pretty good overview for anyone with some mechanical inclination who wants to learn something about how their watch operates. I would add that an actual oiler, a tool intended for that purpose, should be used. Basic oilers are not expensive and learning to use them makes a big difference in getting oil where it should be, in small amounts, and no place that it shouldn't be. It's also worth mentioning that although the point about "bounce reduction" is a good one, ordinary paper towels aren't optimal for use in the way suggested. Something completely lint-free is preferable.
