"Bug Out" means "Grab your stuff and leave. Quickly."

Examples:

You hear the air raid siren - you bug out to the shelter.
You see a mushroom cloud on the horizon - you bug out to your hidey hole.

The bug out bag is a bag with the stuff you've gathered that you've decided you need as a minimum for survival in a scenario where that bag is ALL YOU HAVE besides what's on your back and in your pockets.

Read through the threads here and you'll find a wealth of information about what kinds of things could be in the BOB. <img src="/images/graemlins/smile.gif" alt="" />
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Knowing where you're going is NOT the same as knowing how to get there.