A towl, t-shirt, sock etc that is stored in arms reach of the place a man masturbates or regularly has sex etc. A smash rag should not be washed very often.
'Oh honey ive got jiz in my belly button. Can you please fetch me the smash rag?'
by Cato84 February 11, 2010
A newspaper or magazine that publishes only the hottest and newest information.
(british voice) Did you see that on the telly, or in the latest smashrag?
by R3port3r October 04, 2012