Smeg It!

To tell someone to dispose of an item or throw an item in your direction.

To run away from a situation where you will get in trouble if caught by someone of higher authority

To run away in a hurry

To give up on a decision

Tom: This Drink is soo sweet!
Dick: ooo Smeg it over here!

Tom: Shit the police is round the corner doing drink searches
Dick: Shit! Smeg it!