The act of spending time with your close friends, be it swimming, driving or just sitting on your asses. Derived from an incorrect spelling of Hanging out. Usually accompanied by a claw-like gesture to indicate that you do, in fact, mean hagging out.
Hey man, wanna hag out tonight?

We're totally Hagging out! You should join!

I'm so tired of hagging out with him! It's so boring!
by SabbathJustSabbath December 23, 2010
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A derogatory term for a girl or woman that used to be hot, but has aged very poorly and is now out of shape with a poor complexion and / or bad hair.
That chick was hot in high school, but she's really hagged out now.
by monkey40 July 25, 2009
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