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1.
This literally means a bag filled with cheese... yes tasty yummy scrumptious delectable cheese

or it could mean a person who is cheese headed
ex 1.

Super market person: So what do you want?

Person at the store: a bag of cheese

ex 2.

Person 1: Hi, did you know flamingoes are.....(random facts).....

Person 2: You're such a bag of cheese!!!!
by NOT Barack Obama January 07, 2010