A person are who enjoys having sexual relations with both sexes. It refers to both having sexual relations and relationships with both sexes.
Girl: Oh i heard you were thinking of hooking up with Anna
boy: yeah shes hot but i was thinking of calling mike
Girl: OH! you swing both ways.
boy: only for fun plus the sex is good.
boy: dave also swings both ways Girl: no, way
boy: way!
Reneé wants to have it both ways—by having her boyfriend to live with her. It involves paying on all her bills (instead of their bills) and pay child support on their daughters.
GayGuy1: "Mmmm, look at that sexy hunk of meat over there, I'd love to get deep inside of him. Too bad he has a girlfriend."
GayGuy2:"Take a chance bro, I know for a fact he goes both ways."