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The word is actually spelled 'svelte' and is documented in (non-urban) dictionaries.

It means: Slender or graceful in figure or outline; slim.
"Check out Julie, she's looking svelte today"

"Look at Sarah in that purple dress, she looks like a svelte Grimace" (as in the McDonalds character, not the facial expression)
by Milorad November 13, 2007
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2
Slim and trim, like the young Prince of Town.
"What's all the comotion about?" said the svelt young Prince of Town.
by SMD May 30, 2004
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3
A tern used to describe someone who has superior muscle tone and muscle size. Makes most other men look like total sissies when within a 15 foot radius.
John: Holy shit dude. You're lookin pretty ripped.

Travis: Yeah man, I just got back from the gym. Now I'm svelt as a motherfucker.
by jigzaggr9 July 27, 2013
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4
Pronouced Suh-velt. Super sweet and/or cool.
John: I found $20 on the floor!
Mary: Svelt!
by Jade C September 12, 2005
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