This sleazy can be used in a number of ways: 1. as a substitute for the word sick
as in, "that car is soo sick"
2.in the context of giving props to your friends (weather they are male or female) for partaking in random dirty acts of sex, vulgarity to authority, as well as blatantly disregarding any law in which others may find utterly comical.
1. Those new Nike Air Force Dunks are really sleazy bro, I want a pair...
2.My friend says to me at a club, "Choose any broad and I will take her home and give her a plug." I then choose the largest, most overweight, highly sweaty, and utterly ugliest girl I can see in my horizon. I point to her and say, "That one"
The next day he calls me and says, "Oh bro, you are sooo sleazy, why did you do that to me?"