Dragging the trailer home after the ball game, I thought that I heard a squeaking noise coming from behind me. Got home and did a quick check, one of the trailer bearings had given up. Given up badly. I spent the morning taking it all apart, beating the races out of the hub and cutting the inside bearing sleeve off the axle. It took almost an hour to get the cotter-pin out. Yeah, it was that bad.
I'm not going to mess with it any more today. I'll go buy bearings tomorrow afternoon and put it all back together. Then, later this week I'll check the other axle and make sure that the bearings are good there. An ounce of prevention, etc, etc.