A fag bag is a zippered pouch that is worn strapped around a person's waist and is used for carrying small personal items. It came to be called a fag bag because the uglier, fatter and nerdier members of the gay community, hoping to be picked up for sex, would strap them on and wear them to gay pride parades and other big events as an 'overnight bag', a method of carrying around a toothbrush, hair products, condoms and poppers for eventual use. The problem was that no self-respecting fag would ever have sex with someone who'd wear an ugly, shapeless sack over his ass, so the item eventually fell out of favour. It is now worn only by aging rocker chicks to Rolling Stones concerts as a hands-free method of carrying weed, rolling papers and sanitary napkins.
Not to be confused with the 'man purse', or 'murse' a usually plain-leather, larger version of a woman's purse intended to be carried by a strap over the shoulder of a man.
"Fag Bags are SO hot right now."