Yiddish for HUGE penis admired by others. The reference is to the person as a schmuckaluvich because with a schmuckaluvich that attribute overshadows all else.
That schmuckaluvich has got it made with the girls.
Yo, schmuckaluvich, why don't you share some of that action?
Hey, Herbie's going out with that supermodel...is he a schmuckaluvich or what?