World English Dictionary
swag (swæɡ
— n
1. slang property obtained by theft or other illicit means
2. slang goods; valuables
3. an ornamental festoon of fruit, flowers, or drapery or a representation of this
4. a swaying movement; lurch
5. dialect ( Midland English ) a depression filled with water, resulting from mining subsidence
6. informal ( Austral ), ( NZ ) (formerly) a swagman's pack containing personal belongings
7. informal ( Austral ), ( NZ ) go on the swag to become a tramp
8. informal ( Austral ), ( NZ ) swags of lots of
And some believe it means "secretly we are gay" because of the terms over use by nerds and teens.