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1.
Schmont is a multi-purpose word made up by a woman from South Bend, Indiana in 2004. It was originally used as a fun rhyme to the word "want" when ordering dinner, but then took on a life of its own. It can be used to reference something positively or negatively, depending on your mood. Some believe the word is actually derived from the stage name of a little known recording artist who's had multiple stints in rehab and exactly zero hit singles. Others regard it simply as a fun nickname to be used at random.
Positive reference:

"This burrito is schmont-tastic! I love it!"

Negative reference:

"Lenny is such a schmont-licker!"

As a name or nickname:

"Did you meet Schmont at Pete's patio last night for drinks?"
by jellin February 02, 2010