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An empty chip bag, but in this case used for smoking. You can wrap it up into a cigarette like marijuana and just inhale that shit. This method originates from the country of Poland.
"The kids are going out to do some chipbag later..."
"Light up that chipbag, man."
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A chipbag of a person. Someone who is empty, useless trash and disappointing.
Person 1: Omfg, that person is such a chipbag.
Person 2: I know right, why are they wasting our time.
"Oh shut the hell up, you chipbag"