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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.
"Hey C.O., if you don't give me an extra corn bread I'm gonna hang it up!!!"
by Chode bone November 07, 2006
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2
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.
Guy one: "What would you do if you found out Santa wasn't real?"

Guy two: "oh, hang it up for sure!"
by He who hung it up June 26, 2010
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