It is another word for fesis or poo. It is often used to describe the badness of something, either as prefix or suffix.
"I am going to see megadeth on tuesday."
"Do you not mean megabewg"
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An acronym for, "Pissed with my mates".
Liam Morgan: I just wanna leave school and get pissed with my mates.
or on IM it would be:
Liam says: I just wanna leave school and get PWMM
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