1) as of the colloquial metaphor "a well oiled machine"
2) as an indication of sexual arousal or readiness (chiefly female)
3) as a colloquial term for intoxication
4) as in a sufficient amount of oil or oil like substance has been applied
5) the preferred state or condition of a female wrestler
2) KY? You've got me well oiled already...
3) Six Long Island's later, I was well oiled.
4) Laying out at the cove? Be sure to get well oiled before you go.
5) Bronze Buns Babes are always well oiled!