Same as "hang out with ya wang out", "hang out with your wang out", Rock out with ya cock out", rock out with your cock out", ect.
basically party like its your birthday, and just dont give a Fuck
Damn its not even my birthday, but I'm havin a great time wilin' out with this Canadian Linda in her 2 for 1's. She was like damn boy just hang out with ya thang out. I said bet that, I'd probably check it out ma, holla.