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The meaning behind 'Swag Shag' is a simple phrase that comes from the dark land of poon. It is the activity of simply having sexual intercourse with a clean shaven vagina.
Borris: How was last night bro?
Ben : Total Swag Shag
Borris: That clean 'ay
Items in your possession acquired after a one night stand.
person 1: whose are these glasses?
person 2: just my shag swag
A non-descript token gift given by an important person (or self-important a-hole) to another in recognition of sexual favor and or time spent together.
Didjya hear Derek Jeter gave out shag swag to his one-night stands?
To have sexual intercourse in a camping swag
“Oi how was your camping trip?”
“Pretty true blue just had a cheeky swag shag and ya self?”