Bag of waters is another name for the amniotic sac, which is full of fluid that protects the baby. When the amniotic sac ruptures (your "water breaks"), the amniotic fluid flows out. Many times the water breaks shortly before labor begins. However, in most cases membranes are ruptured after the woman goes to the hospital and she is in labor.
When your water breaks, you may feel a gush of fluid, followed by slow leaking, or you may just feel a slow leaking, without the gush of fluid. A sanitary pad helps absorb the slow leaking so you are not embarrassed by it. Contact your doctor as soon as your water breaks. You may be told to go to the hospital if labor is beginning. If you are not near term, you may be asked to go to your doctor's office for an examination. You may not be ready to deliver your baby yet, and your doctor wants to prevent you from getting an infection. The risk of infection increases when your water breaks.
Despite what you may hear about a woman's water breaking when she is in public, it doesn't happen very often. If it happens to you, people will be very understanding and helpful. At that stage your pregnancy is very obvious!