An insulting term. It could be used for replacing jerk, idiot, asshole, slut, whore, or even sleeping around. It's a very broad word, not used for anything specifically, and can confuse others.
Last night I was sleeoing off for a good hour and a half!
You're such a sleeo, man.
Dude, where you just sleeoing?!
That girl is such a sleeo.
He/she sleeos with everyone!
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