This wrestling hold must be included in the catalog dirty tricks section. I would expect to find it in catfights, porn wrestling (or wrestling porn as thoroughly discussed other day on the Blog) but it seems that olympic style fighters may find an use to it, as you can see in the still pictures of the video below. There is even a women wrestling site that list the hold - appropriately called oil check - on its directory.
However, in a naked brawling, the hold can be fully exploited, as the brunette (who is she?) in the last segment shows to the poor Candi (fighting in the nude as always...) and, adding insult to the injury, humiliates the blonde with a tasteless action (I am just teasing the Blog readers...).