Someone told me to oil the chain after the chain is warm, like after riding around for a while. Is this a good idea or no different that puting oil on the chain when ever? Does it even matter? And anyone know the best oil to use that doesn't cost too much?  

if you oil it after riding then chances are you'll wash more dirt and grime into the pins of the links.

i would clean it, let it dry and then purchase a good chain lube spray.  

If you ride it without oiling it, then your hurting it. I'd go to your local parts dealer and check out the brand you can afford. I think all of them work well.  

It is better to oil after a very short ride to warm the chain. Also, after washing it is a good idea to spray the chain with a lubricant to disipate the rust causing water.  

I know dont know what everyone else does but i spray everything down with wd 40 before and after i ride.hasent failed me yet!