Driving a car with a small child in your lap. In the event of an accident, the child's body will help protect you from injury by cushioning the blow between yourself and the steering wheel.
Bob: Should you be talking on your cellphone while you're driving?
Bill: Relax, I'm Airbagging with the kid. Even if I hit something, I'll be fine.
In Halo, when a player continually presses in and releases the left analog stick, the action is considered teabagging. Airbagging is a maneuver, unique to Halo Reach, a player can perform by engaging in teabagging whilst in the air.
XxColtrainexX: Dude, wtf is he doing? He's kinda floating...
MaStErChIeF: Ummmmm.... he just like... he's teabagging midair...
Cptnhamhans: Oh, thats one of my stupid ass roomates. He calls it airbagging...
Cptnhamhans(1): Weeeeee... wait... PISS! I got assassinated...