Energy transfer from the translational degrees of freedom to phonon modes is studied for isolated systems of two coaxial carbon nanotubes, which may serve as a nearly frictionless nano-oscillator. It is found that for oscillators with short nanotubes (less than 30 A) a rocking motion, occurring when the inner tube is pulled about 1/3 out of the outer tube, is responsible for significant phonon energy acquisitions. For oscillators with long nanotubes translational energies are mainly dissipated via a wavy deformation in the outer tube undergoing radial vibrations. Frictional forces between 10(-17) and 10(-14) N per atom are found for various dissipative mechanisms.