1. The act of being a hobag.
2. General term for whorish activities attributed to hobags and their counterpart, the skank-ho. See urban dictionary entry for hobag.
You need to quit all that hobaggery, last time I was this close to not picking your ass up downtown after you lost your panties in Reno. It took us hours to drive back here to Fort Worth!
Examples could be anything from a slutty friend with a heart of gold to a very old yiddish bread product that has been sitting out on the table far too long. Is it mold or was it always that color? Probably tasted good when you first got it. Pity but it's still a hobagel.