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."