"Teabagger" did not change its definition just because conservatives started having tea parties. It still means what it used to mean, and it is still a disgusting insult when applied to conservative tea partiers.
http://www.urbandictionary.com/define.php?term=teabag
Take it light, TChad. We Conservatives are teabaggers, while the Communistas are the “teabaggees”. They won’t see it until November, at which time our collective “sack” will fall from their eyes.