An initiation rite for a (usually highly exclusive) collegiate men's sports club or society, in which the existing members of the club do not shower for a week, then harvest the smegma from thier genitals and deposit it on a hardboiled egg for the initiate to consume.
To get accepted into the "Toff Society and Fox Hunt Club" at Oxbridge, one had to partake in a game of Smeggy Egg.