1) A different name for the popular shammy towel, Shamwow
2) A combination of shwam and wow.
1) Person #1- Did you get the Shamwow.
Person #2- No, its the Shwam-Wow!
2) MW2 fan #1- OMG! Shepard killed Ghost and Roach.
MW2 fan #2- Shwam-Wow, that dude is a prick.