Depending on the context, it can be interpreted as a noun which verbs, a noun which is verbing, or sometimes it can be left unspecified. (E.g. if I see a winged monkey in the sky, I might say, "Oh! A flying monkey." and it can be taken either way.) Sometimes the verb can mean something else entirely (consider "fucking").
In a certain story I am writing, I have a place called the "Winged Lion Inn" which serves as a locus for several story-related events. I have a friend that insists it should be [pronounced] the "Wingèd Lion Inn" instead, using "learnèd" or "three-leggèd" as examples.
But winged is under pressure from many other words (clung, flung, rung, stung, etc.), so I expect wung has occured repeatedly in the past - facetiously and or through genuine ignorance.
Winged words played an important role in the elaboration of some theories about oral traditions. Some translators have translated the phrase literally, others have reflected a perceived emotion, yet others ignored these words.
Similar to talented are gifted, or winged as in a bird is a winged creature. Nouns can be turned into adjectives by adding "-ed", but it seems they need a modifier, for example:
The "fat lady" is the valkyrie Brünnhilde, who is traditionally presented as a very buxom lady with horned helmet, spear and round shield (although Amalie Materna played Brünnhilde during Wagner's lifetime (1876) with a winged helmet).
Such usage continues down to Johnson's Dictionary, where "dragon" was defined in its modern meaning: A kind of winged serpent, perhaps imaginary, much celebrated in the romances of the middle age. So save in specialized or archaic uses, dragon outpaces the draconic sense of worm by the 16th century.