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1.
Noun: The institution where the combination of school and work take place.
Red: "What are your plans super awesome Angel for today?"

Super awesome Angel: "I'm going to schwork because I have training on new material."

or;

"We're schworking today." (the act of working and being in school at the same time)
by Red aka Smallz September 24, 2010
 
2.
To do something with ease and confidence.
"That was easier than expected."
"I know man, schwork."
by LotusMike March 05, 2012
 
3.
the combination of school and work
"Okay, see you after schwork!"
by Jennifer Schultz January 28, 2008