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Any item or service received as a reward for completing sexual favors. Gifts bestowed on girls for their sexual prowess and activities by their lovers.
" My boyfriend just bought me a new laptop!"
" That's some serious Gag Swag!"
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When two swag fags wear the same snapback with the same sticker left on it, they scream YOLO and suck each other's dicks, then simultaneously gag on each other's cum.
"Dude, me and my bro just did a swag gag the other day, lol YOLO"
The act of receiving oral while wearing any item of swag (small wreath, holly, seasonal coniferous decor, etc.)
Once the tree was decorated to a jolly perfection, the spiked nog started to kick in and next thing you know she was gag-swagging my candy cane like one sexy ass elf.