The act of standing around not doing much of anything of value. Often times includes shooting the shit with a group of people and not paying attention or not doing what you are supposed to be doing.
A great big buck ran out in front of us while deer hunting. Too bad we were smoking cigarettes and jag bagging and never got a shot at it.
when a man befriends a single woman that he wishes to have sex with but instead ends up just hanging around with her all the time doing whatever she wants to do and receives nothing.
"so he spent all day carrying her shopping then went out and watched Titanic only to come home and not get laid (again)"
"damn why is he always fagbagging?"