It ain't just a man thing, ya know! As well as collecting under a man's willy foreskin, smegma, otherwise known as 'smeg' is a gross, cheesy-like substance that collects between the folds of a woman labia (vaginal flaps) It is basically a collection of dead skin cells, oils and secretions, nothing sinister (though it looks it)
" Wash your flange, you dirty cow, or your smeg is gonna build up!"
"Your willy looks like a cheese shop. Go and shower your smeg off!"