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1.
Performed in a Russian-Turkish bathhouse, the purpose of a "schvitz" (meaning "sweat"), is multi-fold. Schvitzing, decontaminates the pours, softens the skin, and temporairly lowers blood presure. Some professional fighters use schvitzing, to help make weight for a fight. As it also results in loss of excess water retention. This takes place, in either a dry sauna, or a wet sauna. To complete the process, you douse yourself in ice cold water immediately upon exit, and repeat.
"Damn it's cold outside! Let's warm up with a schvitz!"
by D. Gould September 14, 2006
 
2.
Verb (Yiddish) - schvitz or schviting: To sweat, perspire, exude moisture as a cooling mechanism.

Can refer to the use of a sauna or steam room to induce a schvitz.
"It's too hot, I'm schviting here!"

"Let's go for a schvitz."
by thepaintrain January 14, 2009
 
3.
sweat
Oy, that guy should take a bath! His schvitz is starting to ferment.
by Loretta La Rue April 20, 2003