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Penguin Swag 

When one's pants are dropped so low (usually from something called "sagging") that they waddle like a penguin when they walk.

What would really give a full effect to this term is if one is using this "penguin swag" and is wearing a black/white shirt, black/white pants, and a nice yellow hat.
*Bob drops pants to his ankles and attempts to walk*

Bob: Dude check out my penguin swag!"

Billy: *smh*
Penguin Swag by CBBeast_D1121 November 10, 2010

Swag Penguin

one who has tremendous swag. with the ability to pick up any girl of guy in a matter of minutes.
Hudson? That kid's a swag penguin!
Swag Penguin by Cmillzyo July 20, 2011