When something is lubed like a penguin, it means it's very slippery, and sometimes uneasy to handle. Kinda like how penguins can easily slide on their bellys.
Generously coating your old fellow with lubricant and yanking it like a monkey in a mango tree, often done to save time because it is a very fast and effective method of self pleasure.
Dale: fap fap fap fap fap fap fap fap
Skunk: What's Dale doing? Doesn't he have to leave in 5 minutes?
Mike: yes, that's why he's saving time with a lubed-up power-wank
Dale: fap fap fap fap fap fap fap fap fap