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1. jag rag
a rag used to clean up the mess after jacking (jaggin) off
i used alans bath towell for my jag rag and didnt tell him
2. Jag Rag
The material (often towel, tissue, toilet paper or nearby piece of paper crumpled to softness) used to ejaculate in to at the end of a strenuous masturbatory session.
What they don't often advertise, is that the ShamWow makes a FANTASTIC Jag Rag.