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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 11, 2006
21 37
A trendy carry-all popular with gay men.
That is such a cute fag bag! But I prefer to call them "man purse".
by gay boi July 22, 2003
17 33
or FAGbag acronym for Fast Action Gun Bag, carried by secret service agents and people on protective details
by Ackbar February 25, 2003
9 25
A one piece suit. Most often used in the ski industry to describe male skiers wearing a one piece ski suit.
I refuse to go skiing with any guy that wears a fagbag! Worse yet, a snowboarder in a fagbag is just out right wrong!
by muncie February 25, 2003
17 34
a nickname for a girl named falon at my school . shes a whore/ fag, so this is her nickname. SHe thinks just cuz shes in middle school she can b a whore and get a way with it when shes not even technickly a teenager. Can be called fagbag or fagman :)
EWWW! come on! dont make ur self look like fagbag! only she wears her eyeliner on her cheeks!
by Jen13 May 28, 2008
0 18
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 02, 2005
24 44
A fag bag is a a one peice ski suite mainly worn by gorbys, bright colors like pink and mint green is very common. sunglasses is a must for this gay losers.
"hey look at that fag bag, I guess he just gave his gay ass friend a black dragon"
by Fredrik and tripple D January 31, 2005
11 31