In BrE, "bags I" is an informal way of claiming the privilege to do something (often simply by virtue of being the first to stake a claim). I don't recall hearing it in a long while, and it feels kind of dated to me. However, I'm not completely certain about its current status.
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victor_amelkinDon't know anything about its etymology. Maybe somebody from the UK knows?!I'm interested in that too. I had a quick trawl but didn't turn up much. I suppose the obvious suggestion is that it has something to do with "to bag" in the sense of "to capture", but I really have no idea.