when someone is cooler than everyone else; rises to the top. It's like how oil sperates from water. oil being the kick ass people and water being everyone else.
(the definetion should probably be made clear, before or after use, since there is the literal kind of oily. ick)
This is an old term, from somewhere such as Leave It To Beaver.
"damn that bitch oily"
"What can i say, i'm oily, I rise above the rest"