To be monsterousely cool with your friends and enjoy a good time together. For the Hang to be Tough one encorperates the finest clothes, notions, music, food, conversation etc.
"Aw shit man, yesterday me n' Lil'Checkers got da crew together n' totally had a tough hang. We listened to Iron Butterfly and ate a shitload of doritos. Den Freaky Frank's girls came over with some generic cola. OH SHIT. I was like "SNAP"!