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1.
When there is too much going on in one game that your console can't keep up with it and freezes. Particularly in the Facility of Goldeneye for N64.

If you have all 4 players in the room with the colored pillars shooting automatics and running around the pillars you will experience lag swag.
"Hey guys, meet me in the pillared room, I want to lag swag it out."
by deathlytriforce October 17, 2013