When you pull your pants down to piss, and one of your testicles hangs out of your pants, and the other stays in your pants. Can be slightly painful/uncomfortable if wearing very tight pants.

An alternative to saying "hang out".

In baseball, a hanging curve is generally thought to be a very hittable pitch, usually implying the ease in which a player can hit a home run. A hanging curve is an easy task in which the chances of success are high.

Hanging Meat describes the drooping of the females' vaginal lips.

The words used to describe something that sucks!

Basically the same sort of meaning as Bullshit

Going so deep in them sugar walls, just leaving them balls hanging out as you bust your nut.