Messy, but I made up a batch of Keith Bontrager's chamois cream as mentioned in Outside magazine. Vaseline is the base, so the stuff isn't water-soluble. I apply in generously to the areas where I need it, and the stuff works.

Tub o' vaseline (13oz)
1oz triple antibiotic
1oz hydrocortisone
1oz lanolin (found in the breast feeding section of drugstores/wally world)