When a female (or male) gives there partner oral pleasure (also known as a blowjob) until they orgasm. He/she holds the semen in there mouth spits it onto the scrotum and rubs it around the testicles, the partner continues to drag there testicles across the others face.
Oily Sax
"Dude I so totally Oily saxed my wife last night!"
An oily slut is a spliff with dirty old reclaim wiped all over the joint paper. Reclaim is wet so it turns your regular ol’ joint boy into a wet joint boy
“Hey there pal, why don’t you twist up an oily slut?”
“Bro, for sure.”