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1.
The act of being hit in the face with a breast.

i.e. the female equivalent of tea bagging
Dude 1: Hey man, who gave you that shiner?
Dude 2: Dude, my girlfriend got a little intense with the milk bagging last night. You can see my face-print on her tit now! It's like the breast of turin or something.
by damoroso December 20, 2010
 
2.
The act of slipping the condom off and tying it in a knot. Then adding it to your collection of used condoms.
I was making the rounds last night to all my sugar daddys and milk bagging everyone of them. Some day these treasures will be worth something.
by Falken January 17, 2003