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.
      [1913 Webster]

   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.
      [1913 Webster]

            I should be loth
            To meet the rudeness and swilled insolence
            Of such late wassailers.              --Milton.
      [1913 Webster]

WordNet (r) 3.0 (2006):

swilling
    n 1: the drinking of large mouthfuls rapidly [syn: gulping,
         swilling, guzzling]