So I'd been wanting to get a baitcasting set up to learn with and I gave a guy 40 bucks and he gave me 4 rods, 2 spinning reels and 2 baitcasters. All the rods are pretty nice, 2 pistol grips, one of the long grip type baitcasting rod, and a pretty heavy duty spinning rod/reel setup.

Anyways, I've been practicing casting with the baitcasters and I've got the hang of it but they're older reels and its seems like when I cast it doesn't want to spin freely, like its rough and it makes some noise. I was thinking that some type of grease inside would help it be smoother. What kind of grease would I want to use, and how would I go about taking the reel apart (what parts should be lubricated)?

Check above post, it covers what to oil/grease.

http://www.bassresource.com/bass_fishing_forums/YaBB.pl?num=1193429613

Be sure and clean all the parts good before lubing it. You might also want to search the web, there are some sites that give you a good overview of how to breakdown, clean and lube a reel. You probably want to get a schematic of your reel so you can see where the parts go in case you have trouble. Best thing you could do is find someone that has experience and watch them clean and lube a reel. Second best would be to get a video on how to do it---I know Lake Fork Tackle Repair has a video and many schematics on their web site.  There are lots of small parts like clips, springs, etc that like to fly off every place nut in your hand.  I believe Schimano also has an overview on their web site on how to break a reel down, clean and lube it.

If all else fails, send them to Reel Mechanic who post on here. His prices certainly seem reasonable and you know they will be working when you get them back.