wipe the wd40 off and try holding a wire brush on the belt while it is running

 

Like stated above, the belt is squeaking because something is starting to seize. Figure out what is dragging, fix it, and the squeak will disappear.

 

No matter what you do to stop the squealing right now, if you don't fix the bearing that's going bad it's a short term fix and wouldn't you rather fix it now in your driveway then you would along side a highway after you call somebody for tools and parts.

 

belts will squeek when they have a glaze on them, you need to check yer idler sheeve bearing and yer water pump bearing, alt bearing, power steering/vac pump bearing if you have mis alignment you will build a glaze on the belt

 

No offense but this sounds like a great way to win a Darwin Award... Please don't try this!

 

or set up a video of the process in motion

 

I learned it when I worked for gm and it works pretty good, you just cant be an idiot and put your whole arm in the belt

 

the belts also squeak then they don't have the right amount of tension and when they aren't lined up.

 

Heres a short article on belts and some diagnostic aids.

MOTOR Magazine Article | MOTOR Information Systems

and here is the pdf if you want to save it

http://www.motor.com/magazine/pdfs/052004_12.pdf

 

You are posting this on a PUBLIC forum! How much do you want to bet someone reading this is dumb enough to try it incorrectly?