When a series of letters are strung together, without any spaces, to create an ambiguous statement. The patient is then asked to read the statement. How the statement is read reflects the patient's personality. Also a good party joke.
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.