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1.
A homeless person that creeps Guadeloupe St. or "the Drag" at the University of Texas. Usually they ask for money to buy alcohol or drugs and if you do not obligee, they will chase you into a store, threaten you or say something witty like thanks a lot asshole. Also, most of them have pets and they travel in packs. Ironically, the "normal" homeless people are scared of them.
Drag Rat-"Ma'am, can you please spare some change, I need some booze?!"
Student-"Sorry, I am a poor college student."
Drag Rat-"Don't be sorry, you douche bag."
by Kyle Sport February 18, 2009
 
2.
One of the homeless population that frequents the portion of Guadalupe St. known as "The Drag" in Austin, TX.
One of those filthy dragrats asked me for money today.

A dragrat attempted to rob a UT student today so he could buy a Mad Dog.

The dragrat that owned the guitar had it stolen by another dragrat. They later fought each other with knives for the guitar.
by davidjameson May 11, 2010
 
3.
someone who races incredibly fast through pipes
look at that drag rat race
by souper puthy November 09, 2008