The Collaborative International Dictionary of English v.0.48:

Swill \Swill\, n.
   1. The wash, or mixture of liquid substances, given to swine;
      hogwash; -- called also swillings.
      [1913 Webster]

   2. Large draughts of liquor; drink taken in excessive
      quantities.
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The Collaborative International Dictionary of English v.0.48:

Swill \Swill\, v. t. [imp. & p. p. Swilled; p. pr. & vb. n.
   Swilling.] [OE. swilen to wash, AS. swilian.]
   1. To wash; to drench. [Obs.]
      [1913 Webster]

            As fearfully as doth a galled rock
            O'erhang and jutty his confounded base,
            Swilled with the wild and wasteful ocean. --Shak.
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   2. [Properly, to drink like a pig. See Swill, n.] To drink
      in great draughts; to swallow greedily.
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            Well-dressed people, of both sexes, . . . devouring
            sliced beef, and swilling pork, and punch, and
            cider.                                --Smollett.
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   3. To inebriate; to fill with drink.
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            I should be loth
            To meet the rudeness and swilled insolence
            Of such late wassailers.              --Milton.
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The Collaborative International Dictionary of English v.0.48:

Swill \Swill\, v. i.
   To drink greedily or swinishly; to drink to excess. --South.
   [1913 Webster]

WordNet (r) 3.0 (2006):

swill
    n 1: wet feed (especially for pigs) consisting of mostly kitchen
         waste mixed with water or skimmed or sour milk [syn:
         slop, slops, swill, pigswill, pigwash]
    v 1: feed pigs [syn: slop, swill]
    2: drink large quantities of (liquid, especially alcoholic
       drink) [syn: swill, swill down]