Someone who is a complete and utter failure and asshole.
Juicy because they are so plump and full of fail.
Fuckbag because quite simply, they are a bag of filled, and possibly overflowing, FUCK.
Sometimes, it can be another word for Cunt.
EXAMPLE 1:
Bob: Wow, Mary sucks at life.
Tom: Yea, I know. She can't even make friends on myspace.
Bob: She's such a Juicy Fuckbag.
EXAMPLE 2:
Bill: My ex-girlfriend is such a Cunt!
Jack: Shush!! My Grandma can hear you!
Bill: Oh Shit sorry. I mean, she's such a Juicy Fuckbag.