The Collaborative International Dictionary of English v.0.48:

Sleazy \Slea"zy\ (sl[=e]"z[y^]), a. [Cf. G. schleissig worn out,
   threadbare, from schleissen to slit, split, decay, or E.
   leasy.]
   Lacking firmness of texture or substance; thin; flimsy; as,
   sleazy silk or muslin. [Spelt also slazy.]
   [1913 Webster]

WordNet (r) 3.0 (2006):

sleazy
    adj 1: of cloth; thin and loosely woven; "the coat has a sleazy
           lining"
    2: of very poor quality; flimsy [syn: bum, cheap, cheesy,
       chintzy, crummy, punk, sleazy, tinny]
    3: morally degraded; "a seedy district"; "the seamy side of
       life"; "sleazy characters hanging around casinos"; "sleazy
       storefronts with...dirt on the walls"- Seattle Weekly; "the
       sordid details of his orgies stank under his very nostrils"-
       James Joyce; "the squalid atmosphere of intrigue and
       betrayal" [syn: seamy, seedy, sleazy, sordid,
       squalid]

Moby Thesaurus II by Grady Ward, 1.0:

69 Moby Thesaurus words for "sleazy":
   base, breakable, brittle, broken-down, cheap, cheap-jack, cheesy,
   chintzy, cobwebby, common, contemptible, crappy, crumbly, crummy,
   dainty, delicate, delicately weak, dilapidated, dingy, dirty,
   disreputable, down-at-heel, effeminate, flabby, flaccid, flimsy,
   floppy, fragile, frail, frangible, gimcrack, gimcracky, gossamery,
   insubstantial, jerry, jerry-built, light, lightweight, low-class,
   low-grade, mean, namby-pamby, paltry, papery, pasteboardy, poor,
   puny, ramshackle, rickety, run-down, seedy, shabby, shattery,
   shoddy, sissified, slight, slipshod, slummy, sordid, squalid,
   tacky, tatty, tawdry, tenuous, thin, trashy, unsubstantial, wispy,
   womanish