From the urban dictionary:

Code:
shwah 	
	
A word meaning all around cool. Usually used with the word uber.
Uber shwah can mean:
cool
very cool
nice
wicked cool
good
all good and such
and in some cases, hi.
1) "Dude, that concert was uber shwah!"
2) "We're going to Hawai'i? Shwah!"
3) "Hey, I havn't seen you in the longest time!
"Shwah!"
Somebody is dickin with us.