A mix of two separate phrases
A) Smarmy Cunt
B) Smug Cunt
There are many conjoined words like this that make very useful code, especially in a school or an office enviroment. As much as someone may think they know what you are talking about they cant prove a thing (unless of course they are reading this!).
That fat guy at work... you know the absolute Smunt!
or
(James) - That guy is so cock sure of himself, yet he stinks and answers the phone for a living.
(Ross) - Yes he is a right Smunt!
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Almost like a code or even a new language. This is the joining of two or more words (usually insults) to achieve ultimate stealth slagging. To keep things subtle two words are probably better although using multiple funny insults can create some epic conjisults.
(Bill) Dude I like invented the best Conjisult ever...
(Ted) Go on...
(Bill) Bunt Ficker!
(Ted) Meaning???
(Bill) Bum Cunt Fanny Licker!