The Collaborative International Dictionary of English v.0.48:

Peel \Peel\, v. t. [imp. & p. p. Peeled (p[=e]ld); p. pr. &
   vb. n. Peeling.] [F. peler to pull out the hair, to strip,
   to peel, fr. L. pilare to deprive of hair, fr. pilus a hair;
   or perh. partly fr. F. peler to peel off the skin, perh. fr.
   L. pellis skin (cf. Fell skin). Cf. Peruke.]
   1. To strip off the skin, bark, or rind of; to strip by
      drawing or tearing off the skin, bark, husks, etc.; to
      flay; to decorticate; as, to peel an orange.
      [1913 Webster]

            The skillful shepherd peeled me certain wands.
                                                  --Shak.
      [1913 Webster]

   2. To strip or tear off; to remove by stripping, as the skin
      of an animal, the bark of a tree, etc.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

peeled \peeled\ (p[=e]ld) adj.
   Naked; -- used informally.

   Syn: bare-assed, bare-ass, in the altogether, in the buff, in
        the raw, raw, naked as a jaybird, stark naked.
        [WordNet 1.5]

WordNet (r) 3.0 (2006):

peeled
    adj 1: (used informally) completely unclothed [syn: bare-
           assed, bare-ass, in the altogether, in the buff,
           in the raw, raw, peeled, naked as a jaybird,
           stark naked]