An indignifying response to a ridiculous joke, comment or remark; usually indicating a hint of sarcasm or speechlessness; usually pronounced with a deep pitch in one's voice, reminiscent of a walrus.
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.