The act of attracting a member of the opposite sex for reasons based solely on pleasure. More precisely, "bag it" is the act of attracting and taking home, and "tap it" is to engage in sexual intercourse. Usually used by males.
Used below to express agreement on the interest in a females' hind quarters:
"Man, did you see the ass on that girl?"
"Bag it and tap it, dude!"
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When the scrotum taps the genital area of a partner while thrusting during doggie style intercourse.
Steve was pounding Kristen's anus so hard that the bag tap sounded like domestic violence.
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