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Waterproof Grease Usefulness Take a stroll through your equipment owner's manual or an online boating forum, and you'll undoubtedly see mentions of waterproof grease. But what exactly is this stuff?  And, more importantly, what's so great about it?-It's designed to last for the long haul Waterproof grease is very thick -- so thick that it's semisolid at room temperature! It has to have this consistency so that it doesn't dissolve when it comes into contact with water or other types o …