So here comes the voice of disention. In the Alt Fuel forms there is good discussion of this topic.
One owner has 20,000 + miles and going on straight Waste Vegatable Oil. Maybe after it has been cooked the moisture is boiled out. I don't know. But I have a '96 F350 and I am getting ready to convert. At $2.80 a gallon for Petro I am going to spend $5000 this year on fuel if I do not convert.
If I only get 2 years ($10,000 in petro) out of my motor and replace it for $7000 then I am still ahead $3000.
There are a lot of sites(companies) selling kits to run WVO in a diesel engine and they have been around for a while.
It's time for a change and it might as well start with me.