A general word used to describe a multitude of things that defy explanation. Can be a noun, pronoun, verb, adverb, adjective. Use is similar to Smurf from the 80's hit cartoon show The Smurf's. Can also be used in various forms ala schmeading, smeaded, smeading, schmeader, etc.
When smoking marijuana, there's always one hit before it's cashed. instead of saying "I think it's done, but I'm not sure, you try it" just say "It's schmegged" instead.
This means being smashed or hammered after drinking. However, you have to be the fun kind of drunk to be schmegeggled. If you are any other type of drunk you are not schmegeggled. Schmegeg(s) for short and Schmegeggled or Schmegegged for past tense.
Thomas is sitting on my bed with his dick out, eyes closed, talking to himself about Four Lokos. Schmegeggles? No. Not Schmegegs. When the T-cock disappears, we'll talk.