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A swig is a sip or swallow of a drink. Dig, in this case, is the drink (usually Gatorade). You ask for a "swig of that dig" when you want to have a bit of your friend's drink. An alarmingly common request among teenagers (at my school).
Bob: Yo, lemme get a swig of that dig!
Tom: No way man. Not with that on your mouth.
Bob: Come on I'll do a waterfall.
Tom: No.
Bob: ...
Tom: ...
Bob: That's cold, dude.
by Shamille March 26, 2007
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