A phrase used to describe someone gay or to make fun of someone gay. Or you can use it to generally make fun of one person, or even groups of people when adding an "S" at the end. Not only that, it's a euphamism but it rhymes with itself just to make it sound jazzy. It is MEANT to be left to your imagination as to why the word "bag" is included in the phrase.
1.) "Man, that guy is a real fag bag. He wouldn't let me in the club even though I turn 21 tomorrow."

2.) "Those people in the mosh pit look like a bunch of fag bags just standing there with the long faces. Do they not realize they are in a rock concert?"
by Justin (PFC) in Kuwait February 7, 2009
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A bag from a store that has a picture of a topless man on the front. This usually pertains to clothing stores such as Abercombie & Fitch.
He walked out of the store with his brand new clothes in a fag bag
by Jake Morghanasona October 28, 2006
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A person who is homosexual or shows homosexual qualities.
by irishkittynips September 12, 2009
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A male who carries a "manbag." This manbag is in fact a purse in hiding. This someone is so inherently homosexual that their gestures, movement and speech imply their sexual orientation. This male however, will deny all accusations of their homosexuality and will often tell you to "shut the fuck up."
Look out.
"Oh my god! He is suuuuch a fagbag."
"That fag bag is almost too gay to function!"
by Hollaback girl May 3, 2005
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The process of inserting one male's ballsack into another male's anus.
I heard those two fag bagged last night.
by Epicness101 October 22, 2010
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The word "fag bag" is used to define a single pound of marijuana.

As you may or may not know, a pound of marijuana is a ridicilious amount to have at one time. So, the term originates from all the faggot attention whores that try to look cool around your school when they shout out and brag about the absurd amounts of marijuana they consumed the day before.

It's typically used to make fun of those types of kids in a sarcastic high-pitched tone of voice.
Attention whore: "Oh, my God! I'm still so high from yesterday after smokin' so much weed yesterday!"

Person 1: "Dude, Naithen. You don't have to yell it, we're right next to you."

:::Attention whore walks away:::

Person 1: (in a mocking tone of voice)"O, mah gaw! I sm0k3d a hug3 fag bag yest3rdaay."

Person 2: (laughs) "Yeah, I know man. He's a faggot."
by Detlef June 12, 2006
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