Hehe... I agree with using a cheaper bag for an emergency BOB that will rarely get used. But wrapping it in a black trash bag is pretty ghetto - at least on the outside of the pack - use on the inside is a nice cheap option.
If it's truly an emergency use thing, how about putting any clothes/sleeping bags/blankets in one of those rolling one-way air vacuum things. And even just use a home vacuum sealer things to group other items like first aid - signal - food - water - shelter - etc. You can keep things in nice individual waterproof packs for use when you need them. Of course, repacking might suck - so keep a spare trashbag handy. <img src="/images/graemlins/tongue.gif" alt="" />
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Experience is a hard teacher because she gives the test first, the lesson afterwards.