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A wet fart, a fart in which upon being expelled from the anus, carries with it ass juice. Leaving your undergarments caught in the crossfire. A schlem can be due to relaxed sphincter muscles, i.e. bum love. If you are unfortunate enough to suffer a schlem, do not try and salvage your underwear, make sure you dispose of it!
"Aw man i've got 'schlem' juice running down my leg!"

"I hear Ian 'schlems' so bad, he has to wear a sanitary towel!"
Schlem by Jamie Carberry November 16, 2007
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Popular Scottish term for something brilliant, most commonly used to describe an action. It describes an absolute outstanding achievement of a particular action which is hard to replicate, such as a perfect free kick in football. It is also commonly combined with other Scottish terms such as Wan to add emphasis on the brilliance of that particular action or event.
"that shot was a shclem."

"that guitar solo was a wan-schlem" - not only was the guitar solo a schlem it was also worthy of wanning to.

"I wan-schlemed all over your mother's face" - I ejaculated outstandingly all over you're mother's face.
Schlem by elescocia August 10, 2010
Related Words
When one rolls one tongue in such a way that it sprays spit much like a venomous snake
Did you see that? I just schlemmed in that kid's face!
Schlem by Simon December 17, 2003
the grimy, smelly, and crusty shit secreted from your penis

A.K.A.
cheese dick
smegma
cock cheese
etc.
"dude whats that smell!"
" oh thats my fucking schlem"
schlem by vincent lombardi April 8, 2008
The act of growing fungus in your nether regions for the purpose of eating raw or pegging oneself.
Hey I’m going to schlem tomorrow with my friend.
Schlem by Rogluth June 4, 2024

Bitcon Scheme 

term to describe the Ponzi-like schemes of the cryptocurrency world, especially in terms of bitcoin; gets its name from "bit" as in "digital", and "con" as a twist on "coin", and to describe the type of scheme (so "digital coin" -> "digital con").

Used as an alternative to "Ponzi" because cryptocurrency adherants argue that only fiat currency is used as the ROI for early investors in Ponzi schemes, contrary to the imagined value of cryptocurrencies being used as the ROI in the cryptocurrency world.
"Mark lost all his crypto investments because it was all a Bitcon Scheme."
Bitcon Scheme by JuliusCesarus June 27, 2021

Schempfs 

Those wind breaker material sweatpants that made a sound that appears to be "schempf."
Tim wears strictly schempfs.
Schempfs by The Gosh Dang Bruin October 27, 2018