Grease
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Fill a bucket or tub with a solution of hot water and dish soap. The more grease-cutting abilities the dish soap has, the better.
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Drop the ratchet into the soapy water. Any greasy sockets and extension bars can also be submerged.
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Clean any gunk out the crevice around the plastic wheel on the ratchet head with a piece of wire while the ratchet is soaking.
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Leave the ratchet to soak for at least five minutes or until the grease is lifted.
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Rinse the ratchet with fresh water and dry it with a towel.
Rust Spots
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Apply silicone lubricant spray to the rust spots.
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Scrub the rust away with a scouring pad.
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Dry the tool and clean the residual lubricant with a dry towel.
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Avoid rusting in the future by storing the tool in a dry area.
Heavy Rusting
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Spray the ratchet to coat it with a rust remover. Make sure spray is getting into the crevice around the plastic wheel on the ratchet head. The spray will begin annihilating the rust immediately.
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Wipe away the loosened rust with a dry towel.
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Spray the ratchet with a rust inhibitor.
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Wipe away the spray with a dry towel. The rust inhibitor will leave a rust-resistant film.