In the United States, outside of expressions like, “Fancy that!” meaning, “Imagine that!” or saying that something “suits one’s fancy”, the word fancy is used almost exclusively as an adjective. Used as a verb, it sounds so feminine that most American men would not be caught dead saying it. When I found out that men in the UK say they fancy a drink or don’t fancy going some where, I was very surprised. It sounds rather gay to most Americans.
The expression fancy schmancy that Amy points out is a morphological device that Americans use more generally. It comes from Yiddish, but most Americans use it at least a little. When we want to show that we don’t care about something or don’t respect it, we say the word for that thing and replace the initial consonant(s) with schm. (If the word doesn’t start with a consonant, we just add schm as a prefix.)
Money, schmoney! I do this job for the satisfaction!
Baseball, schmaseball! Get inside and do your homework.
Diet, schmiet! It’s Thanksgiving. Eat all you want!