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1.
To be sidelined, rescheduled, re diarised or not chosen to spend time with because of those of the human species who have a ball bag or testicles. You can be bagged out by a female or male but only for a male.
Your female friend says she cant meet up for a drink/ changes plans due to/ or chooses an activity with a male rather than spend time with a girlfriend.

Your boyfriend cant go to the cinema with you because he would rather meet his mate down the pub constitutes being 'bagged out.'
by SCHNIKLE October 31, 2011
 
2.
When a female has had sex so many times that she has become incredibly loose.
"Damn I just got done banging that chick and it sucked! She was so bagged out that it was like a hot dog in a hallway."
by j s c January 12, 2007