A favorite word of Brannon's that he can use on anybody at anytime, regardless of their sex or skin color. It pretty much means the same as when I say "Sup froot?" to Scott.
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.