–bagger suffix a fire alarm. Editorial Note: Usually constructed as one-bagger, two-bagger, three-bagger, etc., the number representing the severity of the fire, as in a four-alarm fire. (source: Double-Tongued Dictionary)
Further reading
Mary Beth in Greenville, South Carolina, wonders: Why do we say four-oh-nine for the number 409 instead of four-zero-nine or four-aught-nine? What are the rules for saying either zero or oh or aught or ought to indicate that arithmetical symbol...
Astronauts returning from space say they experience what’s called the overview effect, a new understanding of the fragility of our planet and our need to reflect on what humans all share as a species. A book about the end of the universe...
Never heard it in relation to fires. It is an older referal to how ugly a girl is by stating how many bags would be requiired for you to have sex with her.
One bagger – just a bag over her head
Two bagger- a bag over your head also just incase hers fell off