A propane torch will work fine, though an acetelyne torch will get it hotter, and might make it easier. But if you have no clue on torches, you don't want to be messing with one.
They're not cheap anyways.
Don't worry too much about the PB blaster. It's flammible, but not much. I've torched many things with it on them, with no flames.
A fire extinguisher won't hurt though.
And for the record, water isn't very good for an oil fire.....
If you can't get it loose [it happens sometimes] you can replace the outer joint and inner joint/rod.