Chegz means anything you want it to mean; it can be a verb, a noun, an adjective, etc. It is used to replace words that people would not want other people to know/hear about in public. In this sense, it is a magic word, unlike any other in the english language.
Steve: Damn, look at her, she's so chegz.
(if she's hot, obviously steve is using chegz in a positive manner. But if she's a troll, he means it negatively)
Carl: Are you ready to chegz it out?
(meaning do something, depending on conversation being had. If someone was to say "are you ready to play baseball?" an appropriate response using chegz would be "yeah, let's chegz it out", meaning "let's do it", or "let's go"
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