look up any word, like darude - sandstorm:
 
1.
When your Xbox 360 (or similar product) breaks and you go to the store and buy a new one, returning the old, broken one in its place for a full reimbursement.

Remember to switch the serial number sticker and pay with cash. Works well at department stores such as: Wal-Mart, Target, and K-Mart.
Yesterday my Xbox 360 red ringed so I Yankee Swapped at Wal-Mart.
by Steve Horbachuk July 10, 2008
48 9
 
2.
When a group of males steal a females phone and take anonomous pictures of their penises, afterwhich they tell said female's boyfriend that they found a bunch of cocks on her phone.
I was at this christmas party where they had a yankee swap.
by Heenryy December 23, 2009
23 9
 
3.
the ultimate game-changer - calling Yankee Swap at any point during any game (chess, Settlers of Catan, etc.) allows for an abandonment of the previous rules and the reign of a new order.
Player 1: "Hey man, you can't just trade in one of your pawns for a queen and a rook!"
Player 2: "Whatever man, it's Yankee Swap."
by American Periscope April 25, 2013
10 0