In Basketball: to make a shot all net, with swag. This is no ordinary all net shot. This is a $wag shot. After you preform the Schwamp correctly, you must then yell out, "Schwamp!!"
Extra Definitions: 1. to cool, to have swag. 2. To get girls like dribbling a basketball... it's easy. 3. To smack haters. 4. To describe a girl that's so fine.
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.