That is a deep subject but basically debris and water are what kill the oil and it can usually be reconditioned. Water WILL damage stuff. Localized heating to over 212*F will cause cavitation of the water in some cases (depends on pressures).
there is also an additive package in oils that adds lubricity and rubber protection. Bad fluid can ruin seals and cause leaks everywhere.
The by product of over heated multi viscosity modifiers is sludge but usually it will just break down as hydro oil and become nothing but the base oil. So if you use 15-40, you will end up with straight 15W oil.
HOWEVER - lab testing is become more and more the standard as we run low on oils. A lab can check for additives, contaminates, and recommend ways to refurb the oil good as new. All big mining companies are doing this today.
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Today's Featured Article - The Nuts and Bolts of Fasteners - Part 2 - by Curtis Von Fange. In our previous article we discussed capscrews, bolts, and nuts along with their relative hardness and thread sizes. In this segment we will finish up on our fasteners and then work with ways to keep them from loosening up in the field. Capscrews, bolts and nuts are not the only means of holding two parts together. When dealing with thinner metals like sheet tin, a long bolt and
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