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1. saddlebags
Sheesh! I have seen this phrase misused a few times now (even in Roger Mellie's Profanisaurus!). Let me clear things up:
Saddlebags is a word to describe the bulging areas of fat on the upper outer thighs of ladies, in a way that resembles saddle bags being carries on a horse.
The expression was used in Ace Ventura: Pet Detective. I can't remember exactly how though. It was something along the lines of:
Melissa Robinson claims she isn't fat. Ace says something along the lines of "yeh, whatever you say, saddlebags!"
2. saddlebags
A species of girl whose presents temporarily turns a man gay. This is usually noticeable due to a large sigh emitted from the male. If ever under the presents of a "saddlebags" run fast in the opposite direction and hope for a good win!

Also known as saddles
Hey did you see that girl walk by?
"sighs"
AAAAAAAAHHHHHH

Damn that chick is a real saddlebags
3. saddlebags
A person with large love handles.
My friend Fat Rob has saddlebags.
4. Saddlebags
sad·dle·bag(s) (sdl-bg) n.
1. To drape your scrotum over a person's face in such a manner so that one testicle would lay on one side of the nose, and the other testicle lays on the opposite side.

That chick I took home with me last night?
Shit Dude, I don't know, I was ripped.... All I remember was giving her saddlebags, making motorcycle noises, then I think I blasted one in her face.
Hey, why is my eye black?
5. saddlebags
Large, pendulous labia.
That chick had pissflaps like saddlebags.
by Ron R. May 29, 2003 share this add a video
6. saddlebags
One who has saggy breasts
Claire has saddlebags.
7. saddlebags
an old lady who is getting fucked by a younger guy
dude 1:yea my gf gave me good head last nite
dude 2:so did mine
dude 1: shes 96 fuckin years old, thats nasty to get head from a saddlebag
by CS Mar 11, 2005 share this add a video