Noun, used to describe something topical in a conversation or an activity between two people. It communicates by way of the connection between the two people.
I.e. Two people involved in let's say fixing a computer... "Hey, pass the me the schmedly (alan key), I need to take out the tape-back up..." or "can you grab me a schmedley (leash) while you're up there? I need to take the dog for a walk..."