"You wanna hang or gum?" meaning do you want to hang out or are you gonna be gay and go hang out with your chick/familly/ or do a lame activity?
"Deece or gum?"- in a situation: you see a hot girl walking by, you wanna know what your friend beside you thinks about her so you ask him "deece or gum?" if he replies 'deece' he means yes/ she is decent looking/ he agrees. if he replies gum he means she is rubby/ no he does not agree/ he thinks your meesed in the head for thinking shes hot