A quick estimate of.
A rough guess at amount or value.
Can you give me a quick schwag of the home's value?

Give me a schwag of how much concrete you think I'll need for this driveway.

by James M Smith March 20, 2006
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to steal or take something from another person, small grocery store, or the school cafeteria
I was eating lunch yesterday and I went to go get a refill and when I got back, my friend Meghan totally schwagged my pickle.
by DickieB September 13, 2009
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cool or awesome cool and sweet skittles with sprinkles on top!
also can be used in a bad way by calling somebody a schwag-bag!
good way:
*annika: dude, i have this uber cool danish!
*courtney: no, the uber schwag danish..of doom
bad way:
*courtney: wats up
*sum asshole: go fuck urself
*courtney: ur such a schwag bag!!!!!
by courtie December 03, 2004
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cock, wang, tool, a schwag is slang for penis
man, jon has a big schwag
by kielbassa December 17, 2005
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