Comes from the word "smegma", meaning the cheesy crud on the end of your dick, if you're a guy and dont wash your dick properly.
"Smeg" is mainly used as a kind of swear-word on the TV show Red Dwarf. When used in this context, its use is similar to that of "fuck".
Smeghead = fuckhead
Oh smeg! = Oh fuck!
What the smeg is going on? = What the fuck is going on?
Whats that smegging thing? = Whats that fucking thing?
I dont give a smeg = I dont give a fuck
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