It means you're freaking ripped. Wood = hard = carved = chisled = ripped. Common sense for the win! However; if you are carved out of wood, be prepared to immolate easily.
To be carved out of wood, one must lift weights, and do pushups regularly. Definately not for the lazy/impatient.
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.