Never heard of this prank before.
At my schools the "prank" with bags was simply to throw them onto a building or in a tree or over a fence.
Or at one school, it was to throw it into the ditch by the edge of the playing field where a small stream flows through, ruining everything inside your bag.
These names make no sense whatsoever.
Atleast nuggeting/tacoing obviously make no sense.
But sacking is trying to make sense, but is redundant.
And so is turtling. How is turning a bag inside out like a turtle? Because you then put it on your back like a turtle shell? That's what you do with normal bags... :s