To get absolutely and positively owned, used, or abused. To be tossed down like a used dish rag after the dishes have been done. Generally used in the contexts of American football, fighting, and relationships.
1)"Wow, that running back just got dish-ragged by that Middle Linebacker."
2)"Rampage just dish-ragged that chump who tried to charge him."
3)"Man, Joe's girlfriend just dish-ragged his ass and left him for another dude."