Noun; roughly translated as shit, but in a lighter sense, and with a touch of ethnicity. Also similar to 'smack' as in, "he's talking smack", but without the smart-alecky overtones.
When something, anything, suffers from a lack of quality in the way that schwag weed sucks. A chronically bitchin person, place, item, music or event can never be schwagtrulescent. Having the essence of schwagg is never a good thing, unless it is actually schwagg weed and that's all you can afford.
A term used in the entertainment industry; specifically in Los Angeles, California, to bring praise to someone in an award-like fashion for being extremely selfless while on the job. Named after Hollywood Producer William Allan Schwegmann, this term is becoming more and more commonly used in Hollywood vernacular.