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1.
An empty nutsack; a scrotum that is sans testes.
My brother felt bad looking at his dog's nitbag flapping in the wind so he bought him a set of Neuticles.
von Doctego 23. September 2006
 
2.
An insult to someone - originating from the negative connotations of a nitty.
"That Jono guy seems like a huge nitbag."

"Yeah, he is. Even Tom is cooler than him."
von tomlawler 7. Juli 2013