She took something out of her handbag.

Literal

She [topic-は] handbag [from-から] something [object-を] [took-out-取り出した].

手提げ (tesage) is the older, slightly old-fashioned word for a handbag — literally 'hand-carried.' The compound noun is built from the verbal-noun stem of 提げる ('to dangle, hold by hand') with 手 ('hand') prefixed. In modern usage バッグ (loanword) or ハンドバッグ are far more common, with 手提げ surviving in fixed phrases like 手提げ袋 ('a small carrying bag'). 取り出す is a compound verb, 取る ('take') + 出す ('put out'), meaning 'take out' — one of the productive ~出す compound family that pairs with verbs of motion or production.