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Its just traditionally used with oil, however you can do which ever you want. You could use oil and try to make slurry but it will be harder to make a decent amount of slurry and then if you want to...

Yeah you put water on the stone then create your slurry, without water all your doing is making dust.

No, you can use either water or oil. If you are doing a slurry do not use water. When Euclid440 said "wet stone" it is meant "whet stone"
As long as it is flat and smooth, then your good to go.