An acronym that, when said aloud, is actually read like a new word. Instead of saying each letter of an acronym like BTW, the acronym can be read. These usually contains vowels. Saltow is actually an example of saltow, an abbreviation for saying acronyms like they're other words.
Juliana: "Julia, your t-shirt is bitchin'! Do I get one of those dope-ass shirts?"
Julia: "Yeah fosho! Just go to that booth, it's SWAG!"
Juliana: "What the balls is SWAG?"
Julia: "It's a saltow...an acronym for 'stuff we all get,' duhh!"