The shortened version of the word "smegma", which is defined as: coagulated semen surrounding the end of the penis; also found in the hair of high schoolers
noun 1. A dishonest person, scumbag; 2. Any unpleasant person; 3. A physicallydirty person. Smegs are invariably male.
From smegma, the white, foul-smelling accumulation of congealed body fluids and oil that gathers around the corona of an unwashed penis.
"That smeg roommate of mine ripped off my half of the rent money to buy rocks."
The word precedes "Red Dwarf" by many years, and often appeared in alternative papers in Texas in the 1980's.