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A combination of the words jackass and douchebag. Normally used when a person (or persons) display characteristics of both afore mentioned words...

In other words, a stuck up person (commonly referred to as an asshole) who does stupid things to get attention
Did you just see what that jackbag did? He dry-fired that brand new compund bow trying to show off for his girlfriend...
jackbag by Warlock Witt September 16, 2003
Related Words
a person who uses drugs so much that they eventually become as useless as the celophane it was sold in
"Get off the riff, you fucking junkbag"
JUNKBAG by nurse_cutiepants August 28, 2005
Noun; A cross between jackass, from Old English and the German word for jerk, douchebag . Can also be used as an adjective to describe a dick move.
In response to a stupid act, Matt asked, "Why are you acting like such a #@$&%ing jackbag?"

"Altman, I can't believe you did that in that bathroom, that was a real jackbag move of you!"
Jackbag by G. Kahn April 7, 2008
(Noun)The virtual location in the cerebral cortex in which a masturbator solicits their historical fantasies to initiate and sustain the human orgasmic process to completion. The capacity of the jackbag is correlated to sexual experiences and history of the owner. Items may be subtracted as more prominent, more pleasureable events are placed there.
1. Joe had it hot with Sally.
Now on his own, he reaches into his "jackbag" to revisit his memories with her to begin his self-love. Joe has moved Betty and Trixie out of his "jackbag" to make room for Sally.
2. I couldn't sleep last night so I reached deep into my "jackbag" and had a splooge-fest that knocked me out.
jackbag by rburban December 9, 2008
One who makes an ass out of them selves or one who doesn't care to make a valid impression but chooses to degrade one's own character.
Kanye West's behavior at the VMA Awards is the epitome of jackbag behavior
Jackbag by OpusDJ September 23, 2009
A bag-like object or some other container in which an individual frequently ejaculates in. More often than not used as a dismissive name.
"I was cleaning out Todd's room the other day. I picked up a sock and examined it closely - it turned out to be his jackbag."
jackbag by OEP January 12, 2008