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Marijuana that is viewed by upper-class whites as "shwag", aka doo doo weed, yet perceived by African-Americans as "dankety". Thus results the compound of the two perspectives, ending in the final common term of "shwagety". Note: "shwagety is usually ganked from one's father, or anyone over the age of 40.
We sniped a good deal of shwagety from my pops tonight.
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shwagity 

Crazy. It can have a good or bad connotation. Becoming popular among friends and fans of Crystal Shum.
Dude! That 360 Kick-flip was shwagity cool!
shwagity by Michelle aka KFC January 28, 2008
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