its in the bag

A person has just closed the deal to have sex.

Its in the bag he is mine now to fuck.

Its in the bag

I've got it won.
The Deal is closed.

playing poker and you have four of a kind and
"its in the bag"

hey its me your scum bag dad

a dad that kills people and trys to keep his kid innocet

hey its me your scum bag dad lets play prank wars

hanging its bag out

The object in question is approaching a point of inevitable failure.

A car approaches, smoking, rattling and is obviously going to break down.
Dude 1: Dude, that car sounds awful!
Dude 2: Its hanging its bag out!