just put some WD40 on it and off you go (don't forget the chain)
No just kidding. I'd wash it from the inside out like suggested and wouldn't play lottery with a bike. Since wheel bearings tempt to disintegrate I really wouldn't like to accelerate this project with salt water. Maybe it'll cost you several hours of work but will give you several more miles to ride after that and you'll safe a lot of money. And don't forget that loctite when you're bolding it up all over again.