Swanky meaning fancy or slutty depending on your context and bunghole mean anus. When you put the two words together you get swanky bunghole . Either a butt you fancy or and slut who is an asshole. An alternate form of swanky bunghole is swanky bungholio, like the Great Swanky Bungholio.
Julia: DUDE, this whore was all over my boyfriend last night!
Brooke: She must've been a swanky bunghole. Stupid bungholio.