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1.
Originally from Danny Phantom (a cartoon on Nickelodeon). It was used in a fight scene in a similar way to the old Batman TV show with Adam West and Burt Ward.

It was changed to mean cool or awesome or neat.
Really? Fwam!

That's so fwam!
by Baka January 26, 2005
 
2.
forwarded spam; the jokes, warnings, agendas, digital chain-letters and political spam forwarded by well meaning, but frenzied and perhaps over-caffinated friends and family who believe that forwarding email is the same as connecting with someone on a personal basis. Fwam defeats spam filters because you don't really want to block all emails from your friends and family.
I received the same fwam joke from three different sources in the last hour alone!
by Sheryl Scarborough May 10, 2006
 
3.
A blown out vagina, with loose hanging flaps for a labia. Usually associated with women in porn.
Damn did you see that fwam? It looked like teriyaki meat curtains!
by 808ho May 25, 2011