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Its etymology is widely disputed but latest research has proven that it was first used by a certain boy in the german town "Rheine" who randomly rearranged the letters on his keyboard during a horrendously boring english lesson and here by accidentally discovered it. It is a fusion of the words "penis" and "swag."

Combined, these words have no meaning but what one might try to convey through the sentence and it's verbal delivery. It can be used as a verb, a noun, an adjective and an adverb.
Dude, that was totally Peniswag!

Here Peniswag takes the meaning of the word gnarly.

His Peniswagging days were over for good.
Here its meaning is generally undefined.

Your Peniswag is totally fucked up.
Here Peniswag could mean anything from chi to karma to health.
by Lockhart of Sharpton November 03, 2013
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