The principle repository of all disgusting and gross materials, such as cigarette-butt laden half empty beer cans and snot rags, generated during mostly high school and college house parties so as to minimize the spread of party debris into other rooms and areas. The reason d'etre of the shmeg bucket is to make cleaning the residence easier in an effort to cover one's tracks and hide eveidence of the social event and its ever present heavy drinking activities from parents in highschool or landlords in college. Shmeg buckets frquently use the kitchen trash container or often a garage trash can is dragged into the home. It is a sign of respect to the parties host to ask where the shmeg bucket is located upon arrival to let that host know you are a neat and tidy partier.
When John wen to Carol's with his newly acquired 12 pack his older brother bought, he offered her a beer and politely asked "Where's the shmeg bucket, Carol?" letting her know that he would deposit his empties and stems and seeds in the proper location.