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1.
The bag of sex situated inbetween a females legs, aka the vagina
Oi love, out ya sexbag!
I said out ya sexbag, out ya sexbag, out ya sexbag for the lads!
by Tezman July 13, 2006
 
3.
A bag like object used for sex. Commonly a girlfriend.
James - My brother's girlfriend is staying around tonight.

David - Ah, the good old sex bag. Lets face it thats what a girlfriend is.

James - Haha, but i use my cat...
by Dave Bryce May 05, 2007