A shortening of "champagne." A: "Can I get another glass of this cham? It's delicious!" B: "Yeah, and it's also $200 a bottle!"

A phonetic spelling of the word "chamois," referring to a piece of soft leather or fabric resembling leather used for polishing or drying. Make sure you use a shammy when you're drying the car. I don't want any little scratches on it!