General idiot who a person has total contempt for.
Usually and inside joke among people who know the word.
For example a student raises his hand and says the word as a fake question" Do schwank off?" Teacher asks what? student replies with a real question. Also the term "Wank-off"(which means jerk off) is not widely known in the U.S.
Also said with a smile to friends as a Russian sounding name.
"Hey Duschwankov wanna play Modern warfare 2?"