The ability to drink a beer extremely fast, but without anyone noticing you taking a sip of it. As in, you have half of a beer left but your friends is empty, your friend Schlundted the beer.
Schwasted, adj: The ultimate in the four stages of drunkenness.
First you get buzzed, then you get drunk, then you are wasted, and finally you get schwasted, at which point you end up in deep thought, alone, in your undies.