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1.
When two people are having sex but not admitting they are in a relationship.
Girl 1: Hey ho, what did you do this weekend?
Girl 2: Hung out with a guy friend.
Girl 1: I didn't know you had a new boyfriend?
Girl 2: Oh, no he's not my boyfriend, we are just hanging out.
Girl 1: Hahah I see, Are yall hanging out, or are yall banging out?
Girl 2: hahahah i guess we are banging out.
by IndustraWorks November 22, 2009
 
2.
To have sexual intercourse
I was "Banging Out" this chick in the bathroom and then someone walked in.
by Steve Hampf January 28, 2009
 
3.
When you first start seeing someone and spend all your time together having sex
"I haven't seen you in forever"
"I've started seeing this hot piece and we spent the whole weekend banging out"
by Wellitywell August 29, 2014