A McWAG is either a past or present girlfriend of one of the members of the pop band McFly.
It is a play on the classic use of the word WAG in relation to footballer's Wives And Girlfriends.
The positive:
God damn it those McWAGs are so lucky!

Or

The negative:
Those McWAGs, what a bunch of money grabbers!
by Ms Fletcher July 10, 2008
St. Patrick's Day cocktail consisting of adding Baileys Irish Cream to a McDonalds Shamrock Shake. Delicious.
Lindsay added Baileys to my Shamrock Shake and made the perfect McWags!
by Salv0 November 26, 2011

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