Definition from Wiktionary, the free dictionary
The term came to prominence in North America in the 1970's following the sexual revolution of the 1960's.
- (slang, dated) A social gathering in which the people lather themselves in cooking oil (such as Mazola), and participate in sexually permissive activities.
- (by extension) Any type of orgy
- (by extension) Any group event that involves lathering in oil, such as bikini-clad oil wrestling.