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how's it hangin'

How's it hangin' is a very informal way to say hello to your fellow. What is actually hanging, is evident from the following example.
- Hi, Mike, how's it hangin'?
- A little bit to the left.
how's it hangin' by KAO1 November 13, 2005

How's it hanging?

How are you? or What's up?

It refers to a guy's external organs of reproduction. The answer should therefore be based on whether or not they are comfortably positioned in the undergarments.
"How's it hanging?"
"I'm fine, thanks! I just got out of the closet, finally I can express my true self instead of living a lie!"

or

"How's it hanging?"
"Long and loose and full of juice!"

How's it hanging bro? 

Means you're on speaker and your girlfriend is next to you and you're about to ask some questions.

Howsit hangin 

The preferred casual way to write “how is it hanging” which in is a colloquial phrase meaning generally the same thing as “how are you doing?” or “how is it going?”. There is a loose reference to male genitalia being made when one says this phrase, however the reference is relatively unimportant to the actual meaning.
1. (Normal)
Person a: “hey man, howsit hangin”
Person b: “aww man, i dunno its been good”

2. (Funny)
Person a: “hey man howsit hangin”
Person b: “low, and slightly to the left