Flurge Meaning: I believe what was said during the Sarah Palin, Hillary Clinton skit was "flerge" or "flerg," which the Urban Dictionary defines as:
1) The state of a man's penis when it is not erect;
2) The foreskin of a man's penis.
Examples: "The cold water in the pool sure gave me a flerg"; "Aww dude, that ugly chick turned my wood into a flerg."
Other possibilities
According to the Urban Dictionary, "flurch" is when you fart and accidentally soil your pants. And a "flurge" is a cross between a flush and a purge -- which doesn't make a lot of sense in the context of the skit.
A Viral Marketing Hoax
A clever writer realized that, by planting a fake word, they could generate thousands of Google hits about SNL. See the link to Google Gotcha below.
Even more possibilities
Flirg -- it stands for the "First Lady Is Really Gay" or "First Lady Is Really a Guy."
Flirge: "First Lady I'd Rather Get Elected."
FLRG: F'ing Liberal Repulsive Girl
Quote in context:
Poehler as Clinton: "And don't refer to me as a [flurge]. I Googled what it stands for and I do not like it."
Fey as Palin: "So we ask reporters and commentators, stop using words that diminish us, like 'pretty,' 'attractive,' 'beautiful.' "
Poehler as Clinton: " 'Harpy,' 'shrew' and 'boner shrinker.' "
And yet more responses from WikiAnswerers
* Considering that, two lines down, "boner-shrinker" is reiterated, that it is the most likely meaning. That would make the correct spelling the first one listed.
* Naw, it's an old phrase from the Clinton White House meaning "First Lady Is Really Gay."
* In the actual script, two lines after the word in question is used, the actress playing Clinton uses the term "boner-shrinker" in the same context, and since there is a verified dictionary entry for the word listed as "the state of a man's penis when it's not erect," it's going to take a lot more than your unverified assumption to show what you're saying to be true. Just saying "Naw" isn't going to cut it.
* "Flurge," as defined on the Urban Dictionary as:
1) The urge to be flaccid. Said in reference to a woman who is so unattractive as to cause flaccidity in the male penis (rather than an erection over an attractive woman).
2) A woman who is so unattractive as to cause the "urge" to become "flaccid" in heterosexual males.
Example: "Hillary Clinton is a flurge with cankles."