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1.
Used to punctuate a particular awful joke. Often followed by the name of the world renowned conservative blogger and youtube.com enthusiast, Debbie Schlussel.
Debbie ~ "The queen of daytime talk has endorsed B.O.... no, not the smelly B.O., but the Presidential B.O."

Cenk ~ "Schwang wang wang, Debbie Schlussel"
by Sir Cumcision September 03, 2009
 
2.
A unique TYT (The Young Turks) response to any lame attempt at humor, roughly analogous to the "wah wah wahhhhhh" muted trumpet sound frequently used in '60s era sitcoms and elsewhere to punctuate a rather obvious or trite joke. Cenk has used "shwang wang wang" this way in his personal lexicon for many years, but later appended it with "Debbie Schlussel" to mock the tone and delivery of the Michigan-based conservative blogger's unintentionally hilarious YouTube videos. See also "Debbie Downer."
Debbie: "The queen of daytime talk has endorsed B.O.... no, not the smelly B.O., but the Presidential B.O."

Cenk: "Schwang wang wang, Debbie Schlussel"
by TYT Army January 22, 2011