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1.
An acronym for Snow, Water, Air, Earth; Swae is normally used as a synonym for adventure sports. Also commonly used as a verb describing the feeling when experiening those sports.
"Hey man how was skydiving?"

"Oh it was so swae!"
by Alkiepdu March 16, 2006
 
2.
1) hip, cool, awesome
Origin: deformation of suede, as in blue suede shoes. Also, shortened form of Swayze, as in Patrick Swayze.

2) sweet
Origin: Oklahoman colloquial pronunciation of "sweet"
"Man that was swae"

"He's one swae cat"

"This cupcake is swae"
by d370urn3ur September 15, 2011