SWAG is not a word. It is an acronym which stands for Stuff We All Get. Typically used to describe cheap merchandise given out freely by radio stations; bumper stickers, t-shirts, key chains. Nothing anyone would pay for. Also common among the drug culture in reference to common, low grade marijuana.
Variation: SH.W.A.G in which case the first word "Stuff" is replaced with the word "SHIT".
The local radio station is passing out the same, lame SWAG at the concert while all the pot heads were smoking their usual Mexican swag (shwag).
Some freaking word created by who knows that everybody uses. This word is completely pointless and for some stupid reason every moron in this world uses it. You want to know what it really means? Well it means Secretly We Are Gay. It's so annoying when everybody in my class uses it. Like YOLO.
2: A word that will hopefully die a painful and horrible death. Like Falling in a pool of mutts.
Idiot boy: OMG! I GOT SO MUCH SWAG, THE GIRLS CAN'T EVEN KEEP AWAY FROM ME!
Girl: No. You have no swag. I hope you fall in a mf hole and die.
Idiot boy: ....
Girl: ....
Idiot boy: I STILL HAVE SWAG BITCH!