To be [sleighed] is to be immeasurably drunk on Christmas Eve, so much so that you are either still drunk Christmas Day or are massively hung over. The same as wasted or shit-faced but used specifically on the Christmas Holiday. This term can also be used post-Christmas if one is wasted Christmas Day and continues into [Boxing Day].
This is often seen in mall [Santas] after they finish thier final day on the 24th.

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