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1 - an offensive term referring to a fanny pack, meant to suggest that the wearer of a fanny pack is a a homosexual or "fag", usually used by men so insecure with their masculinity that they feel the need to put others down
(Man A walks by wearing a fanny pack)
Man B (to friend): Wow, look at that fag bag.
fag bag by Hales (c) January 13, 2008
A phrase used to describe someone gay or to make fun of someone gay. Or you can use it to generally make fun of one person, or even groups of people when adding an "S" at the end. Not only that, it's a euphamism but it rhymes with itself just to make it sound jazzy. It is MEANT to be left to your imagination as to why the word "bag" is included in the phrase.
1.) "Man, that guy is a real fag bag. He wouldn't let me in the club even though I turn 21 tomorrow."

2.) "Those people in the mosh pit look like a bunch of fag bags just standing there with the long faces. Do they not realize they are in a rock concert?"
Fag Bag by Justin (PFC) in Kuwait February 7, 2009
A bag from a store that has a picture of a topless man on the front. This usually pertains to clothing stores such as Abercombie & Fitch.
He walked out of the store with his brand new clothes in a fag bag
fag bag by Jake Morghanasona November 10, 2006
Wow, that gay guy was wearing a fag bag!
Fag Bag by jmss1295 July 11, 2009
A person who is homosexual or shows homosexual qualities.
Fag Bag by irishkittynips September 12, 2009
A male who carries a "manbag." This manbag is in fact a purse in hiding. This someone is so inherently homosexual that their gestures, movement and speech imply their sexual orientation. This male however, will deny all accusations of their homosexuality and will often tell you to "shut the fuck up."
Look out.
"Oh my god! He is suuuuch a fagbag."
"That fag bag is almost too gay to function!"
fag bag by Hollaback girl May 2, 2005