A term used to describe the female genitalia. Some scholars believe the term came into use to describe a big lipped, full, meaty vagina. While others believe it is the vagina's ability to store a mans beef that give the name meaning.
Guy #1 - "Hey, you see that girl in the yoga pants?"
Guy #2 - "Yea."
Guy #1 - "You can totally see her Beef Wallet!"
Beef Colored Schmegg is the finest roast at Liberty Memorial Central Middle School. It means someone who is stupid by all means. Also used with the roast form of "boy look atcho". Another way to say schmegg is "schmeegers" or "schmeegerton"
"boy, look at atcho beef colored schmegg looking self, boy you look like shrek"