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1.
A building or structure used for storing aircraft. Often populated by pilots, mechanics, hangar hounds, and similar ilk. It's kind of like a really big garage, but it's more fun to spend time in.

Hangars can be open on one or all sides, fully enclosed, heated or unheated. Some are quite nice with offices inside, some are very plain without even power going to them. The word "Hangar" comes from a French word meaning "shed."
I'm glad I got my plane into the hangar before the hailstorm started.
by Athene Airheart May 02, 2004
 
2.
A man who is well hung; a penis size and weight that's emphasis is on it's constant downwards hanging position.
Alan Shepherd is the most well known to hold such a title, self titled "Hangar"
by KrundsAyteeFyve May 09, 2011
 
3.
A very large human penis.
I woke up today and my hangar fell out of my boxers!
by the hangman June 30, 2009