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A crossbreed between a tool and a douchebag. A toolbag would like the Black Eyed Peas, like a tool would, and Nickleback, like a douchebag would. They would also like Kid Rock, like both a tool and a douchebag would. Toolbag can also refer to someone who is beyond being just a tool.
That guy is totally a toolbag. He looks just like he got back from a Kid Rock concert.
Toolbag by D Goody November 26, 2009
A person who is more than a plain tool, or dick, but is equivalent to a bag of tools, or a sack full of dicks.
"Cameron is a toolbag"
Toolbag by Buddy J June 14, 2003
A person of utter uselessness.

Completely and devestatingly devoid of purpose.
"Art, your a total toolbag. I'm demoting you from bag boy to speed bump. You'll be working in parking lot five from now on."
toolbag by Roy K July 29, 2005
A bag where you keep your balls and beans and tools and whatever you own. (ex. Coins phone balls pistol knife and etc)
Jack grabbed his toolbag really hard and ran while his toolbag was dangling in his hands.
Toolbag by Ballflapcrap August 10, 2019
Those who try to hard at being "cool", when really not "cool" at all. Usually wears a popped pink ralph lauren polo and spiked hair. They will usually try to deny their toolbagness, but everyone else can't
Wow, Jt is such a toolbag I can't stand him!
toolbag by billy m. December 12, 2006
A person so inept as to be utterly useless in any capacity; not just a tool, but an entire bag FOR tools, making him/her a repository for all things lacking any socially acceptable value.
"Did you hear that John got his hand caught in the toilet when he dropped his cell phone down the hole and tried to fish it out? What a toolbag!"
toolbag by Tom Bosch April 15, 2006