An individual whose ineptitude, idiocy, and lack of personal hygiene sets them far above and beyond a mere "tool"...only a full "bag of tools" is sufficient to describe their personal defects.
A crossbreed between a tool and a douchebag. A toolbag would like the Black Eyed Peas, like a tool would, and Nickleback, like a douchebag would. They would also like Kid Rock, like both a tool and a douchebag would. Toolbag can also refer to someone who is beyond being just a tool.
That guy is totally a toolbag. He looks just like he got back from a Kid Rock concert.
Those who try to hard at being "cool", when really not "cool" at all. Usually wears a poppedpink ralph lauren polo and spiked hair. They will usually try to deny their toolbagness, but everyone else can't
A person so inept as to be utterly useless in any capacity; not just a tool, but an entire bag FOR tools, making him/her a repository for all things lacking any socially acceptable value.
"Did you hear that John got his hand caught in the toilet when he dropped his cell phone down the hole and tried to fish it out? What a toolbag!"