snake oil noun 4snake-oil verb 1forms 3 noun4 •A type of 19th-century patent medicine sold in the United States that claimed to contain snake fat, supposedly a Native American remedy for various ailments. •A fraudulent, ineffective potion or nostrum; panacea. •Any product with exaggerated marketing but questionable or unverifiable quality. •A traditional Chinese medicine used to treat joint pain. snake-oil verb1 •(informal) To dupe or con.And this is particularly so for many of our women students who have been hustled and snake-oiled to deny the validity of their intellects. — 1995 formssnake-oiled · snake-oiling · snake-oils