A wine that is flawed due to a damaged or broken cork, thus failing to preserve the wine over time.
A proper phrase to say when indicating that a wine is defected would be "pardon me, I do believe this wine is flawed". However, a slang phrase of a similar meaning would be "yo, this shit is corked!"
Bottled wine contaminated with TCA (2,4,6-Trichloroanisole). Wine contaminated with TCA has a very specific moldy smell which can overpower the wine's usual aroma. Most commonly, TCA is produced when naturally occurring fungi come in to contact with not so naturally occurring chlorophenols in the cork used to bottle the wine.
The Cork Oak tree may have ingested the chlorophenols and stuffed them in its bark, or they can get in when the finished cork is sterilized with bleach.
When you wear a personal flotation device (PFD aka life vest) because you have been consuming alcoholic beverages and want to float in a body of water without drowning.