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The Collaborative International Dictionary
Oiled silk

oiled \oiled\ (oild), a.

  1. Covered or treated with oil; dressed with, or soaked in, oil.

  2. Drunk; inebriated. [slang] Oiled silk, silk rendered waterproof by saturation with boiled oil. well oiled,

    1. operating smoothly and efficiently.

    2. very drink. [slang]

Wiktionary
oiled silk

n. Silk made waterproof by saturation with boiled oil.