A portable shitter for old people. Used when making it to the bathroom is an impossibility. Just pop a squat and take a shit. Much like a reverse pissbag.
1.Noun-Aprotective device that acts a lot like an air bag, for your ass. So when you get knocked the "fuck out", your assbag will deploy to protect your ass.
2. Someone you do not like.
"Man, when marquis got knocked the fuck out its a good thing his assbag came out to protect his dumb ass."
"Ja rule is such a dirty assbag."