1) basically, the suffix -ology- is "a combining form used in the names of sciences or bodies of
knowledge" as stated by
wikipedia
so swagg means style
so put the two together and you have a -knowledge of style-
2) anybody who has SWAGGology is known as the "Master Of Swagg" because he/or she has the full and complete
knowledge of swagg. these people often have a desireable swagg by everyone around them