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 ]