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1.
Utter bullshit. An obvious lie to cover up cheating that is doubly insulting because in addition to being dishonest, it assumes the listener is stupid or clueless.
"So, you spent the night with Teresa because you were studying together? You think I'm stupid? What kind of flaxseed oil excuse is that?"
by ErikaC October 11, 2007
 
2.
The term used for device used in a total, complete, flabbergastingly masterfully delivered lie. Another rung on the ladder to the pull-off of a grand falsehood, to use a flaxseed oil usually means substituting one person for another or replacing one substance with another.

Derived from Barry Bonds and his testimony to one grand jury or another as defence against the accusations of him using steroids.
Craig: "Dude, why the fuck did you get hammered at my wedding reception!? I fuckin' told you that Jason was bad news!"

Steve: "Man, I totally thought that wine was grape juice. My bad. Plus, I don't even think Jason came, I was with...uh...Mike."

FLAXSEED OIL STRIKES AGAIN.
by Flaxseed Jim October 05, 2007