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15.
Paint that flakes off of cheap plastic beads and is used for psychological testing, similar to the inkblot tests. When capitalized like SCHWA, it can also be used as a substitute exclamation for exclamations of all shapes and sizes.
Did all the schwa come off of your necklace?

"SCHWA!" said Liz.
by Radish November 12, 2004
 
16.
A modern term for a female that has lost her virginity to a transvestite. May also be a perjorative term for a female.
"I can't believe you did this to me you dirty schwa."
"Mom, I'm a schwa; I slept with Steve who used to be my best friend Barbara."
by -:]iD[:-pLaTiNuM September 10, 2005