
here's a dictionary definition I found for "swag".

I think it might be a bit out of date
swag noun1.
a. An ornamental drapery or curtain draped in a curve between two points.
b. An ornamental festoon of flowers or fruit.
c. A carving or plaster molding of such an ornament.
2. Slang Stolen property; loot.
3. Australian The pack or bundle containing the personal belongings of a swagman.
4. Slang Herbal tea in a plastic sandwich bag sold as marijuana to an unsuspecting customer.
intr.v. swagged, swag·ging, swags
1. Chiefly British To lurch or sway.
2. Australian To travel about with a pack or swag.
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