When one is being told to “hang it up” that means that you need to let it go, or move on. Also can be used in reference to one being lame and out of touch with something.

“Hang It Up” also similarly refers to retirement.

Made popular in Nicki Minaj’s 2010 song ‘Roman’s Revenge’ ft. Eminem which was a diss to Lil’ Kim.

The two states of being are as a human being, or a hungry ghost. Semi-regularly you need to ask yourself which you are. Sometimes it is human. Others, alas, it is hungry ghost.

The hungry ghost seeks validity outside of themselves. Someone pining for an indifferent ex is a hungry ghost. Someone who arrives alone at 6:30 on Saturday night to a pub is probably a hungry ghost. Obsessive checking of mobile phones, chat sites or networks are clear signs that one is a hungry ghost.

The best thing to do is just stay home and ride it out. Read a book. Find some good clean fun.

To "Hang It Up" means to hang ones self or to commit suicide.
A term used jokingly where I'm from. I don't know if it is used anywhere else.

1. To kill one's self, usually a prison term, to hang yourself with a sheet. Also a good way to wind up naked, in a paper johnny, in the infirmary, only say to screws who know you're kidding.