Acronym for the phrase "I'll pimp slap you." Most commonly used online and in text messages. Often a reaction to something dumb, unrealistic or crazy. Despite it's aggressive tone, this phrase has a friendly tone when used among people familiar with each other.
Maria: "So he liked antique shopping, I didn't think he was gay!"
Jose: "Are you kidding me? IPSY!"
Jose: "I've got hoes in different area codes!"
Maria: "Different area codes? How many?"
Jose: "Four!"
Maria: "IPSY!"
Someone who is addicted to obtaining money and building wealth. A money addict and fanatic. Breadheads often work more than one full-time job, and some even participate in illicit activities to "obtain the bread".
I don't buy the schmegegge about Morty sleeping with Moira.
His version of the story was pure schmegegge.
The whole schmegegge was made up to get Liz a little bit of attention.