Nautilus, I think you'll find that the owners of the retractable tow hitches above recommend greasing them for long term stowage, then degreasing them thoroughly before use.
I have one and if I just use a standard ball cover, it actually fills with water and the ball gets very rusty. I've tried wrapping the ball in a plastic bag secured with rubber bands but the damp still gets in.
Edit: Whoops, didn't see SDA's post on the next page.