Skegs Share definition Flag means your pants, knickers, underwear, whatever you wanna call it. but i think its scottish, or at least its used in scotland alot! 'drop your skegs wee man' 'he crapped his skegs' Skegs by weekiki January 20, 2009 0 0 Get merch Get the Skegs mug. Buy Now — $32.95 See more merch