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1.
A bag used by marines to crap into in places where there is no toilet.
These guys deficate in a wag bag and then take it outside and burn it.
by elvette July 18, 2006
 
2.
Designer handbags as modelled by C List celebrities i.e. footballers Wives and Girlfriends (WAGs)
When Colleen wears a Prada handbag out on an evening with the girls it is no longer a handbag but a Wagbag
by Higgers July 03, 2006
 
3.
a variation of fagbag that leaves behind the political incorrectness, but delivers the same blow.

a lame
Don't be such a wagbag. Take the shot!
by Chuggs619 July 18, 2008