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1.
When a woman forcibly motorboats a guy or another woman - like tea-bagging, but with breasticles.

Added bonus if she also goes "Flubba flubba flubba" or variations thereof.
Dude, we were all hella wasted and Chantelle was airbagging Steve. She even did the whole "Whubba whubba whubba" bit, too.
by COCK PVNCH July 27, 2014
 
2.
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...
by hawknel April 24, 2011
 
3.
The act of one jumping up and similtaniously putting his or her scrotom in the victims mouth. This is usually done when the victim is standing up.
I ran around Air Bagging this kid in gym yesterday and he said that my sack was sweaty.
by That Guy 1234567890 April 20, 2010