waterbag noun2 •A bag for carrying water.Who'll come a'waltzing Matilda my darling Who'll come a'waltzing Matilda with me Waltzing Matilda and leading a water-bag Who'll come a'waltzing Matilda with me. — 1895 •(historical) The bag-like compartment in a camel's hump in which the animal was once believed to store water; in fact it is fatty tissue. formswaterbags