The word is derived from the concept of taking out a mafia stronghold single-handedly with nothing but two handguns and sunglasses.
In practical use, it means to be like or pertain to that which lives fast and loose and goes with its own flow. It does not follow any precepts or set patterns; to have a style that one owns uniquely and to be cognizant and proud of said style; to live in a way best described as raw, and to act on such rawness. Though a certain amount of recklessness is implied, and is typically employed, it is not necessarily a condition of hanbang
As a noun: Dude, that kid is so hanbang. He decides when to and when not use controlled substance, when to go places, where he goes, how he gets there. He's really in control of his own life and he's living it to the fullest - just how he wants.
As an adjective: So i met this guy juggling fire on the strip today...i tried to throw him some change but he didn't accept it. he told me that he didn't need my fucking charity and then kindly handed me back my coins. He was dressed like a total bum but when i cam back out of the store i went into i saw him driving a stretch hearse away. I wasn't sure if he lifted it or if it actually belonged to him, but he had some crazy tribal chant blaring fro the speakers...it was the weirdest, most legit fucking thing i have ever seen