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2.
(phrase)
While engaged in an arguement with someone, and the arguement becomes public ( ie in an elevator and the doors open in the lobby) one person asks "Wanna hug it out?" and you stop the arguement and continue it at a later time, when it is out of the public eye.

Derived from Ari, on HBO's Series "Entourage"
Person A " I don't care what you think you're doing, I don't give a fuck anymore!"
Person B "Well it's none of your business anyway, Asshole"
(Elevator Doors open, and crowd boards)
Person A "Wanna hug it out? C'mon bitch, let's hug it out."
Person A and B mutually stop conversation until later time/date at which carrying on is appropriate.
by 171 Firefighter June 30, 2005
 
1.
(v) for two people (usually male) to hug one another to help one or both get over anger or sadness
Person 1:Damn, I can't believe she broke up with me.
Person 2: Wanna hug it out?
by Btnet October 05, 2006
 
3.
this is orginaly from Friends although Entourage made it more popular.

Friends - The one without a name

CHANDLER: You wanna hug it out?

PHOEBE: Yeah!
by spectrum August 02, 2006
 
4.
This term was NOT defined by Ari from HBO's Entourage nor does it mean to end a conversation/fight, temporarily, with a hug. It simply means do you want a hug? Also, it was used in a Thanksgiving holiday episode ("The One Where Chandeler Doesn't Like Dogs), in 2000, my Jennifer Aniston's character, Rachel.
While talking about a break-up her subordinate is going through:

Subordinate: Hey. Thanks for talking with me
Rachel: C'mon. What are bosses for? Hug it out!
by makisupa March 07, 2006