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When a large shit is hanging out of your ass
I have to go hang a lizard.
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Refers to the act of giving up, or throwing in the towel. This phrase is typically used when responding to social invitations.
Man 1: "Hey man, do you want to study tonight at the library"
Man 2: "Nah, I've studied all day, I think I'm just going to hang the lizard on this one"