Raven, look at this map of Ilshenar:
http://uo.stratics.com/content/atlas/ilshenarbig.shtml .
On the map, the dungeon is named Terort Skitas and you'll find it in the upper left quadrant of the map. (When you click the "skull" link for the dungeon on the map, it will say "Sorcerer's Dungeon.") Use the Honor moongate and run "up" (i.e., kind of NW). It's located east of the Valor champ spawn.
Further info on the Sorcerer's Dungeon, including maps for each level, is here:
http://uo.stratics.com/content/atlas/ilshenar-sorcerers.php.
It sounds like the slime are downstairs on level 2 in the circular area at the "bottom" of the level 2 map.
When you come in the front entrance of the dungeon, run straight ahead until you hit a wall. Then go left down a hallway. The spawn in the first hallway and the next hallway is usually not too bad (mostly skeletons and maybe a liche or two). When you hit the little room at the end of the hallway where a single blood elemental spawns, run around the short wall in the middle and go down the steps on the other side of the room across from the hallway. (The steps are labeled as "B" on the level 1 map.)
When you get downstairs, you'll immediately run into another room where a single blood elemental spawns. Run through that room and stay to your right...do not go straight ahead. Keep heading in a kind of SE direction until you hit a room with a table (near spot E on the level 2 map) and yet another blood elemental spawn area. (Just one.) Stay a bit to the left and go straight down the hall. At the next corner, turn right and head down the hall to the circular room where the slimes are. As mentioned above, the spawn in that room is a bit on the nasty side, so bring a group if you can and try to drag the spawn out into the hall and maybe down towards the spot marked F on the map. (Otherwise everyone else who comes along will have to make their way through it.)
If you die, there is a healer's hut at the spot marked "H" on the map. You will probably run past it on your way to the dungeon if you run up from the Honor gate. If possible, on your way up to the dungeon, lure the spawn away from the healer's hut in case you have to make a visit there later. Most of the time, there's not much hanging around the healer hut or just outside the dungeon either.