another derogatory term for an italian. A greaseball is someone who looks like they don't take showers all that often. Italians seem to be naturally greasy and unheigenic. Therefore this name was made to describe this certain breed of italians who lack etiquette and basic hygeine.
any fat italian man who wears to much cologne ( usually a cheap brand ) and has dyed hair. He will usually slick it back and use to much gel , therefore he becomes a greasball.