Please refer to Striking Oil and Tobogganing before reading this description. In order to achieve the feat known as Sledding Oil one must first have a partner and several bottles of lube. First pour the lube into your partners ass, then stick your penis into the asshole. Now you must ride your partner down a flight of stairs. Once you reach the end of the stairs remove your penis, once removed your partner will spew a spray of shit and lube combination lolol.
tom: Hey babe wanna try sledding oil?
sarah: sounds good babe
tom: enjoy dat ride bitch.
Sarah: (after getting sledded: OMFG LOLOL THAT WAS AWESOMEOMEOME LOLOZLOLZOLZOLZ

Example #2

"Dude, bro, I Sled Oil with Lisa last night, I FUCKING LOVED IT, Lisa was a little embarrassed about all the shit, but when she saw how excited I was she wanted to do it again...TONIGHT!!!"
by Retardo Escabar (Kelv, Rich) November 2, 2009
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