I cant comment on the effectiveness of boiling oil to remove moisture, but I do know that there is equipment available that does heat, spin and filter the oil. We use such a machine where i work. When you have several hundred pieces of very large hydraulic using machines, hydraulic oil can be a very big expense. Hydraulic parts expenses can also be very big as a result of dirty oil, or moisture contamination. The machine in question sucks the used oil from the hydraulic tanks, circulates it thru 5micron filters, heats it to remove the moisture and then it is pumped back into the equipments hydraulic tanks. This machine can be equiped with filters so fine it will take the red out of the ATF, but I believe 5micron is as small as they ever use. It also comes with all kinds of electronic testing stuff, ( that I know nothing about how they work), that tests the oil for cleaningness and dryness. Considering this piece of equipment has to be hualed on the back of a 2ton truck and I havent a clue as to what it might cost, ( I bet very expensive), its probably not something one might see on a regular construction site.