I use Rightnour Fletch-Dry powder. Gateway makes a powder too. Some folks use sprays like Scotch Dry, CAP No-Snow, etc. I like the powder and a quiver (Simmons Bushmaster) or fletch cover that keeps them dry. Heck, I've seen some folks just using a plastic sammich baggie with a rubberband over the fletch. This page will answer a lot of your other questions:
http://www.trueflightfeathers.com/facts.htm