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@Momentum
Check the park tools website for a better explanation with pics (look under overhauling hubs or something). The process is generally the same as overhauling hubs with a couple of extra steps.
You will need cone wrenches, bearings and grease to overhaul and a new hollow axle.
Basically both sides of the hub have a cone threaded onto the axles which forms half the bearing surface and a locknut to keep the cone in place. To overhaul a hub you take one side off, remove the axle with the other side left in place and then clean the whole lot and put it back together.
The first step is to put a cone wrench on each locknut (ie one either side of hub) and loosen both until one locknut comes free. Undo this one all the way and take the cone off the same side. Take the axle off with the other cone and locknut left in place. The ebarings will fall out so make sure they all alnd in a good place. If you just want to overhaul the hub then clean everything thoroughly with degreaser, get some new bearings of the right size (they're cheap so you might as well replace them while you've got everything apart) and reassemble with lots of grease. The hard bit is adjusting everything properly - you want it as tight as possibe but without causing drag on the bearings and it can take a little while.
If you want to replace the axle then do the above until you have the axle, cone and locknut out of the hub. Then use two cone wrenches, one on the cone and one on the locknut, and use them to tighten the cone and loosen the locknut until they come free. Take them both off the axle. Then put them on the new axle and reassemble everything as above with lots of grease. Adjust the cones and locknuts so there is about the same amount of axle either side of the hub. Then do one side's cone and locknut up tight and adjust the other side as before. You have to leave a little play as the skewer will compress the bearings a bit when it tightens.
You can pick up replacement axles pretty easily and cheaply from a decent bike shops. Campy axles are a bit more expensive because Campy everything is a bit more expensive.