So what is my fascination with smegma? Well, back when I was in geology field camp, I heard one of the other students call his friend "smegma breath." I went to the dictionary and my response was pretty much like many of you, "Ewww." I found the word, however, extremely funny. I started using it myself. It even became a running joke between my roommate and me. When something was going to take a long time we referred to it as "longer than it would take to make a bowlful of smegma."
On a sidenote, I believe in an episode of "Monty Python's Flying Circus" someone was named Mrs. Smegma. I think it was the skit where you are taught how to remain hidden.