An exclamation coined by the Saturday Night Live skit Wayne's World and popularized by the movie of the same name.

One would generally exclaim "Schwing!!!" after the mention of a particularly alluring female. Saying "Schwing!" is usually accompanied by a pelvic thrust.

According to "Wayne's World: Extreme Close-up", schwing means (in layman's terms) "My word she is attractive".

Of interest:

Schwing is actually an onomatopoeia for the sound of a sword leaving its scabbard.

Think about it, you'll get it.

Source:

Mike Myers and Robin Ruzan Wayne's World: Extreme Close-up New York: Cader Books, 1991

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