Webster's Revised Unabridged Dictionary · 1913

oiled

oiled (oild) , adjective

1.
Covered or treated with oil; dressed with, or soaked in, oil.
2.
Drunk; inebriated. [slang]
Collocations (2)
Oiled silk , silk rendered waterproof by saturation with boiled oil.
well oiled , (a) operating smoothly and efficiently. (b) very drink. [slang]