look up any word, like swag:
 
1.
The name for the pairing of Olympic swimmers Michael Phelps and Allison Schmitt. The two trained together under Bob Bowman and have been shipped by fans since the 2012 London Olympics.
I ship schmelps all the way! They're meant to be together!
by emptmyst August 22, 2012
 
2.
A deregatory term for a heterosexual white male, whose usage can be understood much in the same way as terms such as nigger. Created for the sole purpose of there being no sufficent curse word to call heterosexual white males that is nonspecific as to their location, such a honky or redneck
"Look at that schmelp, walking along like he owns the world."

"Get a job you lazy schmelp!"
by Daniel Gordon Cobb November 19, 2008