term used to describe someone who is very cool but has an old, ugly, or broken down car. doesn't have to be a station wagon, can be any car. usually a first car handed down from parents.
A group and or party of smokers who are all carrying very low grade marijuana know as Shwag and who are commonly made fun of by the more wealthy or more well connected smokers with much higher grade marijuana.(plural)
Man i'm notletting that Shwaggin Wagon into this kickback so they can drink all my beer!
Look its the Shwag Wagon yall, lets kick the **** outta em.