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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
 
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
 
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
 
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