Noun, used to describe something topical in a conversation or an activity between two people. It communicates by way of the connection between the two people.
I.e. Two people involved in let's say fixing a computer... "Hey, pass the me the schmedly (alan key), I need to take out the tape-back up..." or "can you grab me a schmedley (leash) while you're up there? I need to take the dog for a walk..."
A Schmeddy is a very good friend, your bestest friend maybe, a bestie, one that causes you to laugh so hard you cry and/or pee your pants when your together or on the phone. A friend that’s like your sister or brother from another mother.
I had such a great time with my schmeddy! I can always count on my schmeddy! Me and schmeddy laughed our asses off all night!