Be careful. If something smells really, really awful then there's a fair chance that it's made of something like jelly or rubber, which are materials that are known to be pretty bad for you.
These materials are porous and often contain harmful chemicals (possibly including phthalates) which can leach out during storage and during use. That's why it smells so bad and that's why some users report uncomfortable sensations, rashes and even burning sensations during use. Jelly, rubber and realistic materials like Cyberskin and so on can't be considered body-safe.
I wrote an article about my experience with a jelly toy and how they're bad for you on my blog. I suffered from fairly painful burning due to the jelly material and I later found out it contained phthalates. Luckily, I now no longer touch that material and have thrown the toy out. You can read about it here if you're interested: http://blacksilk.wordpress.com/2011/09/29/i-dont-think-im-ready-for-this-jelly/
Dangerous Lilly has also written a really good article about why jelly toys (and the like) are dangerous here: http://dangerouslilly.com/2010/10/yes-jelly-sex-toys-can-be-dangerous/
I just thought I'd post this comment and these links because many people complaining about these really bad-smelling toys may be using potentially-harmful materials and not even realise it or realise the risks associated. If you know, at least you can make an informed decision.
Hope that helps.