SAB stands for a "Soft Ass Bitch." It's a person who has absolutely no balls and is the extreme definition of a bitch. Someone who will listen to anything you say usually because they cannot stand up for themselves. It can also refer to someone who is "soft" as in they over-react to situations such as being made fun of or being hit.
Ex. 1) "Are you really going to let him treat you like that? You're such a SAB"
Ex. 2) "Wow, Jimmy is such a SAB, every time someone makes fun of him he goes and cries in a corner."
Ex. 3) "I hate playing basketball with Jimmy because he's such a SAB, he always flops and acts like he got injured."