The wager made in a bet whereby the loser must expose his junk to public viewing at some point in the future of the winner's choice. The winner will usually choose an embarrassing moment to invoke the Wang Out.
Remember when Alex lost that Wang Out to Ricky during a bet they made at the bar? Can you believe that Ricky actually called Wang Out while Alex was talking to a cop last night!?
by Jacque de la Ramie October 18, 2007
Not showing up to a meeting.
Breaking plans at the last minute.
What the person who stood you up did.
We were all suppose to go to the beach but Joe wanged out at the last min.
by epage July 29, 2005
A phrase used when you become or are in a constant state of being disturbed, unsettled, unresolved, having little or nothing to look forward to and feeling an overall sense of uneasiness.
"I feel so wanged out lately."

My girlfriend left me, I have a crappy boss and an even crappier job, I just took a pay cut and to top it off, it is not getting any better. I feel like I am reliving GroundHog Day everyday. Wash-Rinse-Repeat. My life is a constant time vampire.
by JSkidz January 28, 2010
Describing one who has sex often with many different high caliber women.
Wow, I bet Achilles was really wanging out back in the day.
by Barry Fantastik June 16, 2011
Wanging Out or to Wang Out has to two definitions:

1. To play Guitar Hero

2. While playing Guitar Hero you use the Whammy Bar on streaks
"Come on mate, lets Wang Out"
" Are we gonna do some Wanging Out soon?"
" Oh yea! You Wang that shit!
by The Wang(k)er March 12, 2009
When a guy exposes his cock in front of others.
Maybe I can get you and Chris to wang out on my door for old
times sake :O)
by McHottica August 8, 2005
much like hang out, this is an instance where two or more male companions spend recreational time together, often drinking, playing or watching sports, or playing video games, but the act or acts have been accused unsuccessfully by a woman of having unnatural, even homosexual, implications in an attempt to thwart the event; often met subsequently with bulk time
boy 1der--Hey, you wanna wang out tonight?

boy 2many--Yes, that's all I want to do.

jel girl--You two are SO gay for each other.

boy 1der--Babe, you can come.

jel girl--the only reason I would come to your stupid wang out party is to make sure that my boyfriend isn't cheating on me with his loser friend. You know what? I think I will just go out with Lisa tonight. How about that? Maybe Lisa and I will just go dancing, and you two can sit on the same couch together and drink cheap beer and watch the Sport Center for the 13th time today.

boy 1der--Thanks babe... wait, 'the' Sport Center?

boy 2many--Dude, your girlfriend is pissed.

boy 1der--She'll get over it. What time would you like to wang out?
by hurdleston December 7, 2010