Sentence:  "Well, the gooseberry pie is really too deep for me: but 'ploughed' is the new Oxfordish for '<!-- --><WSD>plucked</WSD>.' O mamma, have you forgotten that? '<!-- --><WSD>Plucked</WSD><!-- -->' was vulgar, so now they are 'ploughed.' 'For smalls; but I hope I shall not be, to vex you and Puss.'" 
Meaning of the word marked with <WSD> tags:  To be rejected after failing an examination for a degree.