Ok, so this isn't exactly what you'd immediately call a "beauty product" but bear with me here for a moment and you'll thank me later...
Several months ago I signed up for the Avon Walk for Breast Cancer. This will involve me walking up to 39 miles over 2 days (insane, yes). As I've been training many experienced walkers have shared with me the wonders of this fantabulous little products called BodyGlide. It looks like a deodorant stick, but is actually this stuff that you put on your feet when you're running or walking long distances to prevent blisters, or can be used to prevent chaffing in other parts of your body (surfers use it under their wetsuits for this purpose).
Well, if it works when wearing sneakers, why not when wearing heels? I tell you, this stuff is AWESOME. Rub a bit on wherever your shoes may rub you the wrong way and you'll be set all night long, enjoying your beautiful and sexy new stilettos rather than suffering in agony because of them! I've tested it out several times, and I've been so happy with the difference it makes. Seriously, awesome.
You can find this BodyGlide at drugstore.com, REI, Sports Basement, or any other sports/running store out there. It's about $7 for a stick (REI has mini ones for less), and also comes in a formula with SPF 25.