[1] : The Collaborative International Dictionary of English v.0.48

oiled \oiled\ oild, a.
   1. covered or treated with oil; dressed with, or soaked in,
      oil.
      1913 webster

   2. drunk; inebriated. slang
      pjc

   oiled silk, silk rendered waterproof by saturation with
      boiled oil.

   well oiled,
      a operating smoothly and efficiently.
      b very drink. slang
          1913 webster +pjc
see also:
oiled silk well oiled 

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