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What is loot bag?
when you go out to the bar and don't have to pay for any drinks
I went out last night and I was totally loot bagging,
loot bag - video
Loot bag - what is it?
To t-bag someone as you leave a party (a parting gift of sorts). -See T-bag
"Dude, that girl is drunk as fuck, lets give her a big sweaty loot bag then dipset out of here."