Use a freewheel tool like the Park FR-1.3 to hold the center of the freewheel in a vice. Use a pin spanner to loosen the lock ring. I THINK the lock ring is left-hand threaded, so turn it anti-clockwise. Loosen it just a bit so it can be easily remove the rest of the way.
Now put the freewheel assembly over a small bucket or container before you remove the lock ring. Remove the lock ring, disassemble the freewheel, and watch as approximately 200 microscopic bearings bounce all over the place, hopefully being contained. You will need to reassemble it with all these tiny bearings. If you lose one of the bearings it will probably still work, but it won't be as smooth.
A better option is to flush the assembled free wheel with degreaser or something that'll break up and move all the crusty old dirt like WD-40. You can do this without taking it apart, and it is 99.99% as effective as the disassembly and overhaul. Once it is very clean inside from flushing blow it dry with an air compressor and then lubricate it with a thick oil. You want something thicker than Tri-Flow so that it will stay put, but thinner than grease.
Free wheels are not really designed to be serviced. They are cheap and designed to be thrown away when they wear out. If you open up that free wheel and find that the paws are worn down, you'll have a hard time finding replacements other than taking apart another freewheel and pulling those out. If the free wheel has seen enough miles that the pawls are worn out, there's a good chance that the gears or cogs on it are also worn out. At that point it is 100% worth your time to just throw it away and replace it with a new one.