A failed attempt of an infinitive verb used by parents (who think they are using the modern slang word "chillaxing") in order to appear "cool" and "with-it" to their teenage/young adult children.
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.