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1.
1) A bag containing cows.
2) An extension of the term 'cow' used by girls to insults other, perhaps sluttier (or prettier) girls. A general term for insulting other females.
Maz: I saw Bella flirting with Rick the other day!
Flo: That cowbag! How dare she flirt with the boy!
by Maz+Flo September 01, 2005
 
2.
A cowboy that is also a douchebag.
I went out with Luke last night. His butt looks great in his wranglers, but boy is he a cowbag!!
by mougley December 02, 2010
 
3.
A way to insult your close friends and get away with it,

A large stupid animal alongside a highly desirable female item
'Oh you nominated me for the ice bucket challenge you cow bag'
by Ribenacarton September 02, 2014