The process of manually weaving baskets.
Dale Gribble wasn't very good at basket-weaving, so he quit.
A person who, while playing Risk
(the board game), places all of his inital troops and first reinforcements in Australia (hence the "oz" part of ozfag) and then does nothing but defend his continent and attack 1 territory per turn in order to gain a risk card.
The "fag" part of the word is because people who do this are considered fags by other players in the game.
Player 1: I'll place all 5 reinforcements in Indonesia.
Player 2: Dude, stop being such an ozfag!
When you go bicycling on an uncomfortable bike seat and you get some swelling on your butt
Santa Claus: Hey Jesus, want to go shoot some hoops?
Jesus: Sorry but I can't...I went bicycling yesterday and now I've got bike swelling.
A basketeer is a person who's profession is basket-weaving.
Dale Gribble wanted to become a professional basketeer, but he realized that he was awful at basket-weaving