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1.
the "calm down" of horniness.

can be applicable to ladies aswell.
guy: oh man i want you so bad

girl: woah woah there, calm your sack these legs ain't open for no one except my boyfriend!
by The Calm yo Sack Man November 16, 2011
 
2.
a different and more attention grabbing way of saying, "calm down," or "take a chill pill," or calm your balls"
George-"OMG that is definitely my shirt you're wearing "
Meg- "George, calm your sack, it's not even a big deal"
by sonyagrace27 May 22, 2011