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1.
the upper mid grade of marijuana bud that can be found for reasonable prices.
Man, the dank was too expensive, but the schwag looked like some poor grade marijuana, so i went with the schwank.
by Nate and Chris September 23, 2007
 
2.
A word that can mean anything and can be used as an insult, pronoun, noun, verb, adverb, interjection, conjunction, adjective, etc. (including every other type of word in the english language)
I schwanked your cake, bleezatch
by jiggidy123456 April 02, 2009
 
3.
To Schwank is to Shit & Wank at the same time. It is a good time saving method prior to a night out.
I am just gonna have a Schwank and a shower before we head out
by Muzzy23 May 06, 2014
 
4.
To schmooze with a bunch of wankers (popular term in Australia for people who are tossers, big-noters etc.) - hence "sch-wank". So you use the word to explain that you have to spend time sucking up to people you don't particularly like or rate highly, usually for business purposes.
"I spent last night schwanking at the Annual Marketing Awards."
by Nicko Longabaugh May 28, 2009
 
5.
adj.
A word used to describe something, someone, or a situation that is insanely awesome.
"Wow the snow is really comin down hard"
"Hell yeah the pow pow will be schwank!"
by Sun355 April 25, 2007
 
6.
An umbrella term used for any and all types of off-brand, low-grade audio equipment.
Everybody was hanging out with their systems going then Tom pulled up bumping his Schwanks. What a loser.

Wow, those are some homemade looking speakers you got. What are those, Schwanks?

Whatever, your beats are so lame you couldn't get sponsored by Schwank Audio.
by MastaRoe April 24, 2011
 
7.
Synonymous to classy. From an early bicyle manufacturing company named Schwank. These were upscale bicycles around the 1940's. Expensive, flashy, and painted bright red with white lettering of the word "schwank". those lucky children who could afford these bikes were known as schwanks. The noun eventually transcended to become a verb when people began comparing something classy to Schwank bikes; schwanky.
Why is Billy driving that busted Jeep Pacer? What ever happened to his Schwanky Audi?
by Ryan C. Martin May 05, 2007