1) Demagnetized; the state of a credit or debit card which has been run through a card reader too many times.
2) Unable to access money in the bank due to the phenomenon of being swiped out (def. 1).
Something very cool or badass. basically used instead of the word "sick", because having the swine flu is worse then just being sick.
Example 1: "Dude, your bike is totally swined out".
Example 2: "Bro, last night was hella swined out".
Example 3: "Your mom gave me some swined out head last night".