–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
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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