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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
 
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