When one's pants are dropped so low (usually from something called "sagging") that they waddle like a penguin when they walk.
What would really give a full effect to this term is if one is using this "penguin swag" and is wearing a black/white shirt, black/white pants, and a nice yellow hat.
*Bob drops pants to his ankles and attempts to walk*
Bob: Dude check out my penguin swag!"
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