Greazlay is an adjective describing something abnormally greasy with a potential sexual component. It could also be used not in the context of the traditional definition of "greasy" but in a more abstract form. Like Oobleck - which is neither a liquid nor a solid, but somewhere in between.
"How was hooking up with that girl last nite?"......."It was greazlay brah" In this context greazlay could be positive or negative.