Paper bag to be placed over the head of a seriously ugly female when she is out in public.
Hey Tracy! Where is your Hagbag?
A woman at a bar who is there for the sole purpose of getting dick. Usually an unattractive female who buys copious amounts of drinks for anyone willing to talk.
"Do you see that girl over there in the mini skirt with her meat flaps hanging out, lets see if Elliot falls for her."
"I woke up this morning not remembering parts of last night and with an extremely unattractive woman, I got hagbagged for sure."