The combined action of a handjob and playing with the testicles simultaneously.
Frank: Dude, she was totally jerkin me off and playin with my sack at the same time bro!
Brent: Niiiiice! The good ole' sack and jack.
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In Halo, when a player continually presses in and releases the left analog stick, the action is considered teabagging. Airbagging is a maneuver, unique to Halo Reach, a player can perform by engaging in teabagging whilst in the air.
XxColtrainexX: Dude, wtf is he doing? He's kinda floating...
MaStErChIeF: Ummmmm.... he just like... he's teabagging midair...
Cptnhamhans: Oh, thats one of my stupid ass roomates. He calls it airbagging...
Cptnhamhans(1): Weeeeee... wait... PISS! I got assassinated...
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