1. A back-pocket 2. Another word for a fanny-pack 3. An insult...one of those kind of funny ones that no-one can really get mad at. Basically we here, reserve this insult for Kent Smith. To call some one an ass-purse, they must be worse then a shit-bag.
"Hey, your wallet was stolen out of your ass purse"
"That ass-purse makes you look like such a tourist"
"Kent Smith is such an asspurse"
"You're no shit-bag, you're an asspurse"
"Not even Napoleon Dynamite or Mariah Carey are good enough to be called ass-purses."