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Old school definition.
If you can hang it means you are good enough at something to keep up with the group. For a musician it means you can jam, without having to prepare, and you can play well. But it could also apply to other things, like playing basketball.
"You sure he should play?"
"Yeah, man, he can hang."
To be executed by hanging; separate from the commonly used word 'hung' in that hanging refers exclusively to execution while hung is used for objects.
"He brought them the gold they asked for, but they hung him anyway.”
“Hanged, you mean. Your father was not a tapestry.”
Not able to match ones' strength, endurance, stamina or intelligence. etc etc
Guy 1: "Yo man..I can't run no more...im tired"
Guy 2: "Damn homie, what's wrong?...You can't hang"
they way u present your self during illegal actions.. such as drining or doing drugs or skating, or ect
Billy had one sip of beer and was doen for, yeha man he cant "hang" never invite him again
To hang your head in shame after saying something incredibly corney or stupid. Or after suffering an embarrassing loss, failing a class, or getting shut-down by a female you tried to talk to, are all appropriate times to "Hang it"
"Damn you just got your ass kicked in hand ball, hang it..