This expression would be used by someone who has a degree of uncertainty about whether they have an urge to fart or whether he or she might actually shart or fully shit themselves.
I'm either about to toot or shoot right now, shall I risk it anyway?
I justfinished my second bowl of nachos and I can't tell if I'm about to toot or shoot.
Someone who is addicted to obtaining money and building wealth. A money addict and fanatic. Breadheads often work more than one full-time job, and some even participate in illicit activities to "obtain the bread".
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.