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."
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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"
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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
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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..
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To sit it around with your friends, and make dick jokes
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"I went for a run with a hangover earlier and now I'm hanging out me arse..."
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