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I don't. But, there are some great cleaners made specifically for cleaning toys. BabyGanics makes one, you can get it at Toys R Us and/or Babies R Us.
I really don't do anything with them. But I do however make sure that none of the toys have holes in them. They may be fun to squirt but it's impossible to keep the moisture out of them and they will get moldy inside. I have a bucket with holes in the bottom that I leave the toys in to dry but otherwise don't take any extra precautions
I agree with cresteds, the squirting bath toys get super gross after a while! They're just not worth it.