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4.
A sex act. While having sex doggy style a dude jizzes in his hand and hops on the girls back like he is riding a horse. He then reaches around and puts the hand he just jizzed on over her mouth and yells OAT BAG! The other hand can slap the ass, or remain idle.
Stephanie is super pissed at me for giving her an oat bag and slapping her ass last night.

Nothing is better after hot sex like a nice oat bag to hold me over until next time.
by MagnumTT January 13, 2011
1 2
 
1.
What you get after working all the time and getting paid just enough to survive.

What the farmer gives to his plow horse after working all day. Just enough to survive so he can plow again tomorrow for another oat bag.

"Oat bag! Ive got my Oat bag! Oat bag just for me!"

- Jerry Seinfeld
by Jack Mehoff October 01, 2003
37 4
 
2.
Compensation for a menial job where you receive just enough to make it to the next pay day.

What a farmer gives his plow horse so he will have just enough energy to work until his next feeding.
Jeff took pride in his job at wendy's until he realized that no matter how hard he worked it was all the same oat bag at the end of the day.
by Peter Gibbons October 02, 2003
52 36
 
3.
Scoring six (6) breaks in a row in a competitive ultimate frisbee disc game.
"whats the score?"
"6-0"
"did we start on defense?"
"yea"
"sick! that's an oatbag baby!"
by frosty frosty January 30, 2008
12 4
 
5.
a duecebag + a hick and sometimes + fat
dude, rafa is such a oatbag
by Gmoney March 21, 2005
6 16