I have been using Lanox, the related product of Inox, for some time now, as recommended by Neil Griffiths of Jones Tackle. I also use Lanox generally to lubricate my reels. The procedure for my spools is pretty much as Chris Young described, although I do use warm soapy water before rinsing them off under the tap.
I have been meaning to also use a line conditioner, which I must track down.
Brandon, is there a particular technique you use when removing your braid and soaking it in fresh water? Do you, for example, feed the line directly into a bucket of water or do you transfer it loosely onto another (plastic?) spool befor soaking?
Matt