The word Schwaz, and it's derived adjective schwazy or also spelled schwazzy can also be used to describe something really cool, and fucking awesome. It's a sinonimous of shibby. Schwaz can also be used to describe or name a guy who's pimpin it big time.
Possible meanings of Schwaz and schwazzy thus far:
sexy, shibby, right on, power, awesome, superb, good, nice, cool, excellent, hot, tight, rad, sick, etc.
Schwaz most definately does not mean gay.
Schwaz is a term reserved to describe a really cool person.
Schwazzy is reserved to describe that which is incredible, superb, and near perfection.
Schwaz can also be used to describe a great lifestyle.
Last night's concert was so schwaz.
My mom sent me a postcard from Schwaz.
Last night's dinner was quite schwazy.
I bought some really schwazzy clothes the other day.
Hi, I'm Schwaz.
That guy was totally Schwazzing it last night, he walked in with a hot chick and walked out with two more.