As a player and DM I am not quite sure how to approach the perspective of powers or items used in a non-encounter situation. For example, I just saw that the alchemical item slow-step oil can be used as an encounter action and applies to "the next creature you hit"; it does not require the attack to be on the next turn or anything, like many other powers or items.
That being said, could a player coat his weapon with slow-step oil and keep it indefinitely until he hits with that weapon ?
The same kind of question goes for Corrosive Oil or other similar items/powers, where there's no restrictions on when to apply it's effect.