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1.
1. An unexpected delay between a firearm being triggered and the bullet actually firing. (whereas a misfire is when you pull the trigger and NOTHING happens)

2. A state of relaxation, and/or where nothing gets done. Taken from the Rolling Stones song "Hang Fire" and applied as an entirely new term. Basically to chill.
1. "That hang fire during shooting practice scared the crap out of me!"

2. "Hey man, let's hang fire later tonight."
by xxavalanchexx July 30, 2006
 
2.
Traditionally the term refers to a delay in the detonation of gunpowder or other ammunition, caused by some defect in the fuze. In more modern usage it means to 'hold back' on some plan or intended action.
"Yo, D, should I put the pizza in the oven now?"
"Nah, hangfire on that one until G gets here with the beer."
by Daniel Cumming August 08, 2007