If I were to smoke the same pipe more than once a day, I'd do exactly what the Cap'n does. That's basically what I do with mine, except that I wash the stem in the sink with dish soap and water and then leave it to dry over an upside down cup on the rack.
If you're not dedicating a pipe, avoid the fabled cake: less chance of ghosting if you don't build any and religiously wipe vigorously the chamber with a paper towel after each smoke to remove all traces of ash, tobacco, and carbon. Hell, if you are dedicating a pipe, avoid the cake also.