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it is where you and your friends get so wasted together,
you know that you are so wasted, you try to go and say that you're 'wasted' but it comes out as 'schmasted'
gabby- yeah girl, you don't look so hot.

alana- I'M SCHMASTED!!8&@$%
schmasted by therealgabby July 21, 2011
To drop someone in the shit by taking holiday at the end of a big project.
"To schalt someone" "you got schalted"
schalted by Jetstar June 27, 2014

shmasted 

Drunk; specifically very, very drunk.
I'm f*cking shmasted!
shmasted by Sport 2 Katz November 11, 2006
Schwasted, adj: The ultimate in the four stages of drunkenness.
First you get buzzed, then you get drunk, then you are wasted, and finally you get schwasted, at which point you end up in deep thought, alone, in your undies.
"Let's all get schwasted, it's my last night here. Call Milan to DD."
Schwasted by Schwasted January 19, 2009

schmarte 

{pronounced in a slightly German-like accent, thus: "sschmaaaarte"}

Definition 1:

Primarily meaning good or awesome.

Definition 2:
Can also be used sarcastically, describing something that is actually bad, boring or tedious.
Definition 1:
James P- Hey, check out my awesome new girlfriend!

Cyrus - Woah! what's the chest-size on that thing?
James P- 36 DD
Cyrus - Schmarte!

Definition 2:
James P- I have to hand in 2 pieces of coursework on Friday, as well as sit 2 exams. I also have to give a presentation on wednesday, I'm so stressed.
Robin - Schmarte! It sucks to be you.
schmarte by JamesP1234 April 20, 2010
To be taken advantage of, to get "the shaft"....
Dude, Richard didn't show up to help you? Dude, you got Schwarted!

or

You mean that you gave Richard money for that junk? You got Schwarted!
Schwarted by CableGod May 5, 2009