Combined from both "shit faced" and "wasted" into one word for enjoyment.
by anonymous Mar 3, 2003 add a video
it is where you and your friends get so wasted together,
you know that you are so wasted, you try to go and say that you're 'wasted' but it comes out as 'schmasted'
gabby- yeah girl, you don't look so hot.
alana- I'M SCHMASTED!!8&@$%