When something is sickbag, it is beyond sick/ill to a new level of awesomeness. Usually used when something turns out in a fortuitous manner, or else when something is so brilliant that it must be proclaimed to the surrounding members of the group Originated deep in the heart of VT. Also see Kablamo

When you eat dirt for the first time and leave your family to build a shack in the woods

Where a person is sick in a bag, and then tries to sell it too people or may even trade sick bags. A way of purchasing or buying something if bankrupt or have no money.