Top Definition
A hip style of transportation by foot that resembles a penguin walking. Usually done as a result of one's trousers descending.
Jeremiah and Ricardo looking fly with their penguin swag on.
by FrankCantThinkOfAUsername October 05, 2010
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*
by CBBeast_D1121 November 08, 2010
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