[WetWilly]

Excellent links courtesy of bdbyrnes

Step by step guide here including a video:
http://www.sailingtexas.com/Movies/T...rbearings.html

Good photos and step by step from DIY network:
http://www.diynetwork.com/diy/bo_mai...277898,00.html

Really good close-up photos here:
http://www.rd.com/17452/article17452.html

I also recommend you take off the wheel drums and inspect the brakes. If they are in bad shape I would consider investing in a pair of disc brakes... well worth the investment and another project you should consider yourself.

Here is a good link for buying the wheel bearings:
http://www.jamestowndistributors.com...wheel_bearing

[bpfirrman]

http://www.etrailer.com/faq_wheelbearingpack.aspx

Here is another good one that I found that would apply to most of us with drum brakes on our trailers. Be sure to check your brakes when doing this as well to see if the pads need to be replaced.