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To replace or exchange someone or something with another person or thing. A noun or pronoun can be used between "swap" and "out." I think I just need to swap out the batteries for this to start working again. It's a bad sign that they've had to swap their goaltender out after just the first ten minutes of play.
To remove something and replace or exchange it: The program swapped out the contents of memory to make space for more data. I swapped the memory card out for a newer one.