How are you? or What's up?
It refers to a guy's external organs of reproduction. The answer should therefore be based on whether or not they are comfortably positioned in the undergarments.
"How's it hanging?"
"I'm fine, thanks! I just got out of the closet, finally I can express my true self instead of living a lie!"
or
"How's it hanging?"
"Long and loose and full of juice!"
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Means you're on speaker and your girlfriend is next to you and you're about to ask some questions.
How's it hanging bro? Quick question.
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Means how are you? Hows your dick? Hows your sex life? All rolled into one question.
Hey man hows your hammer hanging?
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