A new species originating in Asia of straight "men" who attempt to look as gay as possible, complete with frosted tips, eyeliner, and scarves tied around their necks even in tropical weather. Combining the fashion sense of hipsters with the self absorbtion of doucebags, the fagbag is often seen in the company of hot Asian women who are dying inside for a real man who spends less time in front of a mirror than they do.
Look at that hot chick over there looking bored to tears with her fagbag boyfriend.
A golf bag used only by fags. Although any company can manufacture a fag bag, fag bags are usually considered to be specifically Callaway bags. Users of fag bags usually say they are comfortable with their bag and their sexuality, but in reality they are mostly butt hurt and they regret ever buying a fag bag.
Oh man did you see Mill Pickelson this weekend? He totally has a fag bag, just like Tim.