Schwang Share definition Flag 1- Slang for a penis (also see "schwanker") 2- A word used to show expression. Tim- "Oh my God the hizzy is off the shizzy with the pizzy and the dizzy!!!" David- "Schwang." Schwang by Tim K and David S December 28, 2005 0 0 Get merch Get the Schwang mug. Buy Now — $32.95 See more merch