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1.
In Basketball: to make a shot all net, with swag. This is no ordinary all net shot. This is a $wag shot. After you preform the Schwamp correctly, you must then yell out, "Schwamp!!"

Extra Definitions: 1. to cool, to have swag. 2. To get girls like dribbling a basketball... it's easy. 3. To smack haters. 4. To describe a girl that's so fine.
That boy Kobe was just schwampin it all day.

I schwamp daily.

That dude better not come over here, causr I will schwamp him

Yo schwamp ain't better than mine.

Bro... you just got schwamped.

That girl so fine, I just wanna schwamp that.

I got a chick that's so schwamp!

I got a schwamp.
by SlickTheEnigma January 18, 2011
 
2.
To speedily maneuver around cars or road obstacles
We gotta schwamp this one
by schwamp beast May 07, 2010
 
3.
The swamp. Commonly used by crumpets (the black kind). See: Net doh.
"We go net doh to da schwamp."
by Schwamp September 09, 2007