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1.
The act of removing a "For Sale" sign (or the like) from a piece of property that was originally intended for sale and placing it on another piece of property, usually of a different owner. The participant(s) then flee(s) the scene.

Common applications for "Switch and Ditch" include switching realtor's signs from yard to yard and switching "For Sale" signs from one vehicle to another.
Me and Ryan played switch and ditch on some house last night. I guess it's for sale now!
by Fartgeyser November 02, 2006
 
2.
Switch And Ditch may be applied when an FPS (First Person Shooter) RPG (Role Play Game) enables the user to spontaneously switch in and out of two classes, or multiple classes, roles.

This term could also be used for the ability to switch out of one class after the developers reduce the performance of that class (nerfed).
Soandso can switch in and out of roles before, during or after combat. We call this a "Switch and Ditch".

Soandso learned their class was nerfed, and subsequently changed their role to a different, applicable class.
by Druids Don't Heal May 28, 2012