A combination of the words "slut" and "faggot" An insult used to call someone a "slutty faggot" with the use of one powerhouse of a word.
Made popular after its use in the TV series trading spouses "Shes not a Christian! Gargoyle's! Slaggot!!!
or
"Hey faggot you need to watch how slutty you act your one bj away from slaggot vill"
Usually involves being extremelyfucked up beyond all point of being able to identify reality.
When most are shwaggot, they are more likely to to fall over, vomit and be annoying and funny at the same time.