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1.To masturbate(if you are a guy) and/or to just sit down and relax with your penis portruding out of your pants.

2.To go out with someone and/or to go somewhere with the intention of having sex.

Syn: hang out with your wang out
1. I was so bored and tired when I got home from work, so I got out my girly magazines and proceeded to cool out with my tool out.

2a. After scoring this one hot chick at the party, I went to go cool out with my tool out with her.

2b. Since I am so bored and horny today, I'm going to go to the local brothel and cool out with my tool out.
by Mark H July 22, 2004
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