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In a game which features teabagging frequently online (such as Halo 3), the Teambag is used as the ultimate insult. After one member of the team gets a kill, he then shouts "Teambag" in to his headset, and all players on his team nearby come around and simultaneously teabag the fallen enemies corpse.
Easier when on a smaller map such as Rats Nest or Guardian, as assists are more common so team members will be close by.
"Hey dude there's a guy to your left"
*gets battle rifle headshot*
"TEAMBAG!!!"
*All team members run over to the corpse and hammer the left stick before the other team can see what they are doing*
Teambag by Roger Workman December 20, 2008
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1.) To Teabag one's teammate.
2.) To Teabag the opponent with one's teammate.

Inflected form(s): Teambagged, Teambagging
1.) "I teambagged Johnny after accidentally TK'ing him. Made it hurt alot less."

2.) "Let's go teambag that guy over there! I just no-scoped him in the face!"
Teambag by Otamakun July 7, 2009
When a group of men dunk their scrotums into one man/woman's mouth.
Holy crap, John just got teambagged. I didn't know that many ballsacks could fit in one mouth!
teambag by WACKA WACKA April 4, 2008
When an entire group of people teabag one person.
Joe: Woah, that dude just got teambagged. I didn't know so many penises can fit in one mouth!
teambag by Who's this? April 4, 2008

Economic Teabag 

Sticking it to a liberal organization by buying a competitor's product.
I hope GM is enjoying my economic teabag, because I only buy Lexus products.
Economic Teabag by Navin1 December 11, 2012

Brixton Teabag 

A makeshift weapon consisting of two snooker balls inside a sock, intended to be swung at the victim's head. Made famous by Ray Winstone's character in the 1979 film 'Scum'.
Ray: "Where's your tool?"
The Daddy: "What fackin' tool?"
Ray *Kills with brixton teabag*
Ray: "THIS FACKIN' TOOL!"
Brixton Teabag by DaddyRay May 9, 2013

teabag montage 

On Halo you put the respwan time for 10 seconds. While they are watching their dead body you go and press B on the XBOX controller rapidly. You do that to everyone you kill. People will get angry at you.
1. I was going on a teabag montage on Halo.
teabag montage by Spoonman261 July 13, 2010