Top definition
An expression used when a fantastic situation is at hand. It shows thankfulness, and extreme happiness.

This word should be used in excessive moderation.
Thanks for this brand new hummer Poppa Dirk! Pengers and smeagols! :)!
by satanspineclogg July 07, 2004
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2
the equivalent of saying, "It's all good!" It is only used in the most extreme of circumstances.
"Yea, my wife just died, my sister fell down at work, my baby was just stolen, and I totally was forced to eat someones poo today but....its all pengers and smeagols! :)"
by Derk July 07, 2004
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