Sorry, I had to take that video down when I switched Youtube accounts.
Essentially, you take the childproof sheild of the lighter and clean a section of the wheel off with your fingernail, sock, shirt, whatever.... BIC lighters are totally sealed from the elements. The problem lies in all the carbon crud that builds up on the striking wheel. It holds the moisture in. Scrape the crud off and the lighter is fine.
Don't do the rolling on the pants thing... that wastes fuel, flint and can destroy your lighter if you do it to fast.
Those peanut lighters are really cool.
Rick