Cheddar is slang for drugs. Slinkin' Cheddar refers to the act of using that drug and getting high on it, thus slinkin' around due to the person's lack of, well, moving.
"Bruh, at the party I saw Ted slinkin' cheddar. I asked him where I could get some cheddar and he said to go fuck an obese office worker."
by Tim March V June 16, 2021