The term used to describe a male penis including the scrotum sack. Also used to describe someone who is a dumbass and tends to masturbate excessively.
"Dave is such a wackbag for not hooking up with that waitress the other night, she was all over his GQ ass."
"Everyday at work I can see the look in the eyes of all the Directors and Managers when the hot and busty secretary walks by and they are dreaming of hitting their wackbag underneath their desk."
"My wackbag hurts from all the pussy I have been getting."