The Collaborative International Dictionary of English v.0.48:

oilcloth \oil"cloth`\, n.
   Cloth rendered waterproof by treatment with oil or paint, and
   used for marking garments, covering tables, shelves, floors,
   etc.
   [1913 Webster +PJC]

WordNet (r) 3.0 (2006):

oilcloth
    n 1: cloth treated on one side with a drying oil or synthetic
         resin