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1.
How are you? or What's up?

It refers to a guy's external organs of reproduction. The answer should therefore be based on whether or not they are comfortably positioned in the undergarments.
"How's it hanging?"
"I'm fine, thanks! I just got out of the closet, finally I can express my true self instead of living a lie!"

or

"How's it hanging?"
"Long and loose and full of juice!"
by Faul Poshberg June 30, 2013