There was a great article on fastener technology in one of my car mags last year (Chevy High Performance I believe). Amazing how much there is to know on this subject. Bolts vs. studs, bolt stretch, bottom tapping threads in engines, all kinds of things.
The main things I learned are that torque settings are really just a shortcut or approximation of bolt stretch, since that's what really secures the fasterner, and they are absolutely specified with lubed threads (no other way to get consistent results). Unless otherwise stated by your fastener mfr, 30wt oil is the norm. Some companies, like ARP, specify their torque settings multiple ways: with their own special lube, 30wt, and anti-seize. For us dirt bikers, it's important to know that anti-seize compound requires a lower torque value be used than with 30wt oil.
I treat my torque wrench nice, always returning it to zero and storing it in its case. Still, it's over 10 years old so I keep thinking about sending it back to Sears for recalibration.