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Airbagging 

In Halo, when a player continually presses in and releases the left analog stick, the action is considered teabagging. Airbagging is a maneuver, unique to Halo Reach, a player can perform by engaging in teabagging whilst in the air.
XxColtrainexX: Dude, wtf is he doing? He's kinda floating...
MaStErChIeF: Ummmmm.... he just like... he's teabagging midair...
Cptnhamhans: Oh, thats one of my stupid ass roomates. He calls it airbagging...
Cptnhamhans(1): Weeeeee... wait... PISS! I got assassinated...
Airbagging by hawknel May 16, 2011

Airbagging 

When you use the air drop feature on an iPhone to send a random person a picture of your balls.
I was in the airport airbagging everyone nearby.

Airbagging with the kid 

Driving a car with a small child in your lap. In the event of an accident, the child's body will help protect you from injury by cushioning the blow between yourself and the steering wheel.
Bob: Should you be talking on your cellphone while you're driving?
Bill: Relax, I'm Airbagging with the kid. Even if I hit something, I'll be fine.

airbaiting

To perform a male masturbating motion with no genitals in hand in the air, like air guitar.
Jonah likes to sit in the corner of the office airbaiting when he is bored.
airbaiting by deamon32 March 24, 2010

Airbating 

ken-will i get arrested for airbating?
sam- no, airbating isnt illegal, its just frowned upon
Airbating by schweatybawls April 13, 2011

Air Bagging

The act of one jumping up and similtaniously putting his or her scrotom in the victims mouth. This is usually done when the victim is standing up.
I ran around Air Bagging this kid in gym yesterday and he said that my sack was sweaty.