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1.
–noun
(1) CONDOM: a thin sheath, usually of very thin rubber, worn over the penis during sexual intercourse to prevent conception or sexually transmitted disease.

(2) a dirty or unkept person
(1) In practicing safe sex be sure to use a snake-bag.

(2) your mother is a whorish snake-bag.
by berocca February 14, 2010
 
2.
1. An Australian colloquial term for a condom.

2. A derogatory term used to insult someone who is being a loser.
1. "Gotta go buy myself a pack of snakebags."

2. "I hate that guy. He's an absolute snakebag!"
by Your Captain Speaking December 15, 2011