Originally Posted by Tommy Boy
Squeaking or squealing? If it's squeaking then you probably have a bad belt tensioner, not hard or expensive to replace.
If something is squealing then you have a bad bearing somewhere and a much bigger problem.
If you are refering to an engine bearing, then yes, that would be a huge problem, but I don't think you will get much sound out of that, and it wouldn't have stopped after spraying that stuff on the belts.