An extreme level of drunkenness. This is a mixture of half in the bag, and two sheets to the wind. This saying is usually uttered by the individual too intoxicated to accurately describe his or her level of intoxication. Note, this level of drunkenness may also coincide with carefree spitting on the bar/restaurant floor.
Tom: How are you holing up?
Ryan: I'm two sheets in the bag.
by RPOC November 2, 2007
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