A bleach solution will neutralize the capsaicin (or at least, make it water-soluble). Making the pepper edible after that may be another issue, though . . . (Disclaimer: don't actually try this)
A safer way to draw oil out of the peppers may be to soak them in alcohol first. Unfortunately, anything that will extract capsaicin will also extract the other flavorful (but non-hot) oils from the pepper. You may end up with a less spicy pepper, but it may also be less tasty.