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2.
Used primarily in the motor sport world to describe the act of unnecessarily abusing of a piece machinery.

Can also be used to describe any type of destruction or recklessness when performing any given activity.
Don't buy that Camaro, Deaner. I saw Tron ratbagging on it pretty hard when he had it.

Let's get drunk as fuck and go ratbagging
by Ratbaggin' August 17, 2010
 
1.
To screw someone only to get yourself off, without caring how they enjoy the experience
Sam enjoys rat bagging his girlfriend before bed so he can fall asleep better.
by Ted Worthington August 03, 2005