To tell someone to dispose of an item or throw an item in your direction.
To run away from a situation where you will get in trouble if caught by someone of higher authority
To run away in a hurry
To give up on a decision
Tom: This Drink is soo sweet!
Dick: ooo Smeg it over here!
Tom: Shit the police is round the corner doing drink searches
Dick: Shit! Smeg it!