Or at least a bag that has a majority of fuck combined with a minority of shit, piss or douche (douche is only if the person who says the word is a girl or a gay, depending on location)
Dave: You are a fuckbag!
Larry: I guess...
Steven: OK.
A cross between a douche bag and a fucking asshole. One who commits such horrible crimes or acts of stupidity that they are not either just a douche bag or a fucking asshole, but a combination of the two.