The name given to one's hand after it has accidentally or purposefully acquired a repulsive stench; often by running it between one's own (preferably) clammy ass cheeks, or by doing a bad fart on it.
I don't buy the schmegegge about Morty sleeping with Moira.
His version of the story was pure schmegegge.
The whole schmegegge was made up to get Liz a little bit of attention.
Looking or experiencing something nice after witnessing something horrid like a disgusting gif or a disturbing video. Typically used as eye bleach are nice images of whatever makes the disturbed person happy.