Homeless man sees another sleeping in the alley and realizes this man stole his spot, therefor he moves in for some fleabagging, drops his pants and then drops his balls in the other mans mouth.
Freebagging is when you are playing Halo and someone kills an opponent and Teabags the dead body and you join in. You didn't make the kill but you join in the Teabag anyway. Freebagging!
My friend just go a dirty Halo sniper shot and was tea bagging the dead body and went in for a freebagging session.