It is an interchangeable word. You can use it however you want, in whatever context you feel like.
"What the hell is going on?" = "kwat?"
"This top is so kwat! I love it!"
"I'm feeling like kwat right now" = " I feel like shit right now"
"Just kwat away man" = "Just get the hell outta here"
"I don't give a shit" = "kwat."
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