It represents the purest and holiest form of cool ever imaginable. Something that is swayze is like sitting on a cloud getting a full body massage from some angels. To be swayze is to be on parallel with rapture.
Having your earlobe licked by a tiny kitten while Sigur Ros plays in the background softly at first and then gradually louder and the smell of thick french toast with extra syrup wafts into your nostrils as it is served to you in bed would be a totally swayze way to start the day.
"Did you see that dude's pimp white loafers?"
"Yeah, those were swayze!"