The Drag is the name for a portion of Guadalupe Street in Austin, TX that runs along the western edge of the University of Texas campus.
The Drag started as a strip of shops which provided retail and eateries to the university students.
More recently, the once unique and vibrant area has fallen into some disrepair, and some feel the area has become undesirable because of the presence of panhandlers and homeless (sometimes referred to as "Dragworms").
The Drag divides the University of Texas campus from an area called West Campus, where many students live in apartments, fraternity/sorority homes, and other housing.
Person A: I need to head over to campus for a class.
Person B: Are you going to take the bus or walk down The Drag?
The crawl or ticker at the bottom of the screen during CNN coverage or a newscast. All the news is a bad news, i.e. a drag.
Reading the drag is getting me down
When someone is very angry or grumpy, the male pulls down his pants and drags his nutsack across that person's face, most commonly a female.
Girl: "I'm having the worst day of my life, I'm pregnant!"
Guy: "You want the drag?"