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this term is used mostly in Australian slang. because ice is crystal meth, and a goonbag can be described as a person under the right context a iced up goonbag is a sketchy person that is assumed to use ice. It can also be used to describe someones credibility like the second sentence below. Can also be used as iced goonbag.
"look at that cunt. he's a iced up goonbag". or "what do you know your just a iced up goonbag", "I am a wreck i must looked like a iced goonbag".
by McFeats January 29, 2017
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