1. (v. or n.) Widely used in battle-rap circles (Grind Time, URL, King of the Dot, etc.), but can be applied more generally. To bodybag an opponent is to secure a definitive win over said opponent.
2. (n.) The series of lines which leads to the situation described in 1.
1. Damn, Soul Khan
bodybagged Deacon Frost
in URL. Shit was merciless.
2. Now, here comes the bodybag... (insert clever rhyming gun talk and/or references to fucking opponent's mother)