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1.
One who has earned the status of legend in the eyes of their peers.

Rather than using the traditional 'legend' the word 'bag' is added to the annoying, modern abbreviation 'ledge', to bestow praise upon someone who has achieved great things.

This is in keeping with the proud Dublin tradition of adding the word 'bag' to many words to form new descriptions for certain types of people, eg. 'scumbag' refers to someone who resembles a bag of scum and similarly, 'geebag' refers to someone who is deemed to have the same qualities as a bag of 'gee' or vaginas.
"Johnboy, I can't believe you managed to throw that baby duck through the window of a moving train! You're a ledgebag!"
by kDamo July 13, 2009