An 'oily rag' is a cockney slang for a fag, AKA cigarette. You could smoke an 'oily rag', for example.
New inforced laws mean I can only smoke my oily rag outside.
by Kervik July 01, 2009
2 more definitions
a cigarette, or the act of smoking one
I'm going downstairs for an oily rag and a dump.
by digiguru July 04, 2008
Slang term; meaning slag
Vicky Butterworth is such an oily rag
by Chris Bartlett October 02, 2005