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Good question. We use "to slink" as a verb. Para moverse de una manera disimulada, o moverse como una comadreja, o un hurón, o un ladrón. The word is not common, but it exists.

Here 'slink' is referring to the toy - we call them slinkys (https://en.wikipedia.org/wiki/Slinky). It look likes the character Slinky dog has been stretched out a lot, so what he saying is that he can't be stretched any more because he hasn't got any more coils (slink). It's a really odd sentence, that only makes sense in this context so don't stress about it!