how about the 1/3 alcohol, 1/3 white vinegar, and 1/3 Hydrogen peroxide formulas.
alcohol to dry
peroxide to kill bacteria
vinegar to lubricate and prevent cracking
Fluff or acceptable?
Alcohol to dry - true
peroxide is mainly used to dissolve earwax
vinegar is used to drop the pH (make the solution more acidic) which inhibits the growth of common ear canal organisms (Pseudomonas aeruginosa).
In general, you want the mixture to be more alcohol, since the more aqueous stuff you put in it (water containing stuff like peroxide and vinegar), the less likely you are to get the ear canal dry. I recommend taking a bottle of rubbing alcohol, pouring a bit out and putting in a 2-3 tablespoons of white vinegar.
Excessive peroxide use will dissolve the helpful thin layer of earwax that should be coating the ear canal, so best not to use that unless you have a hard plug of wax that you are trying to dissolve. Even then, it's probably better to have someone clean it out under direct vision.
Also, these are great. I take one with me whenever I dive. It comes with four tips so you can share it with your buddies!