it is where you and your friends get so wasted together,
you know that you are so wasted, you try to go and say that you're 'wasted' but it comes out as 'schmasted'
Schwasted, adj: The ultimate in the four stages of drunkenness.
First you get buzzed, then you get drunk, then you are wasted, and finally you get schwasted, at which point you end up in deep thought, alone, in your undies.
"Let's all get schwasted, it's my last night here. Call Milan to DD."
Definition 2:
Can also be used sarcastically, describing something that is actually bad, boring or tedious.
Definition 1:
James P- Hey, check out my awesome new girlfriend!
Cyrus - Woah! what's the chest-size on that thing?
James P- 36 DD Cyrus - Schmarte!
Definition 2:
James P- I have to hand in 2 pieces of coursework on Friday, as well as sit 2 exams. I also have to give a presentation on wednesday, I'm so stressed.
Robin - Schmarte! It sucks to be you.