Product review (5 stars): Did the trick.
Worked like a dream.  I cleaned my oven without removing the racks, and the ball bearings seized up.  Added some of this and now it glides like new.  I used more than I had to, I think, and ended up wiping the excess off with a damp cloth.  Product didn't smoke when exposed to heat afterwards.  Expensive, but one container is enough for a lifetime, and cheaper than purchasing a new pull out rack.