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1.
any marijuana that is not valued as the golden nugget.
"we are lookin for some shwaggle"

"fuck shwaggle"
by -markerbandit November 10, 2004
 
2.
Pronounced shwag-ul. Used like "lame" or "shitty" to reflect on a situation or negative outcome.
"There's nothing to do tonight, shwaggle."
"We're out of beer, shwaggle."
"You're a shwaggle."
by Dyelineye Carlineye September 18, 2008