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The word "fag bag" is used to define a single pound of marijuana.

As you may or may not know, a pound of marijuana is a ridicilious amount to have at one time. So, the term originates from all the faggot attention whores that try to look cool around your school when they shout out and brag about the absurd amounts of marijuana they consumed the day before.

It's typically used to make fun of those types of kids in a sarcastic high-pitched tone of voice.
Attention whore: "Oh, my God! I'm still so high from yesterday after smokin' so much weed yesterday!"

Person 1: "Dude, Naithen. You don't have to yell it, we're right next to you."

:::Attention whore walks away:::

Person 1: (in a mocking tone of voice)"O, mah gaw! I sm0k3d a hug3 fag bag yest3rdaay."

Person 2: (laughs) "Yeah, I know man. He's a faggot."
Fag bag by Detlef June 13, 2006
Very different than the word fagbag, a man purse, usuallied used by faggots.
"Whoa nice fag bag you got there."
fag bag by 69DS69 December 27, 2006
A trendy carry-all popular with gay men.
That is such a cute fag bag! But I prefer to call them "man purse".
fag bag by gay boi July 22, 2003
Extremely gay; the highest rank of gay
also could be used as calling somebody retarded
when mark came to my house with vibrators anal lube and his boy friend. i said wow your soo gay your a fag bag.
Fag Bag by Hernandex blockus December 15, 2008
a boy who decides to act like an asshole by doing something that was stupid and uncalled for. one who tells you he'll come over and then doesnt, one who doesn't get the hint that you're interested, one who says youre good friends and you'll tell each other everything but then lies, one who doesnt return text messages, facebook messages and/or phone calls, one who dropped the 'i love you' bomb when it really wasn't called for.. but even after this you still talk to them.
What a fag bag, he didn't tell me had a girlfriend
fag bag by Alana and Doni January 22, 2008
when 2 or more males share the same pillow to go to bed
Brett and Sam shared the same pillow at the party, they were being Fag Bags
Fag Bag by BIG CAT kuntry January 1, 2009