The Collaborative International Dictionary of English v.0.48:

Oil \Oil\, v. t. [imp. & p. p. Oiled; p. pr. & vb. n.
   Oiling.]
   To smear or rub over with oil; to lubricate with oil; to
   anoint with oil.
   [1913 Webster]

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]

WordNet (r) 3.0 (2006):

oiled
    adj 1: treated with oil; "oiled country roads"; "an oiled walnut
           table" [ant: unoiled]