basically, it's a phrase used as an interjection when the radio station or club DJ is playing some trash. The phrase is used frequently by Morrisey on the 1986 Smiths hit "Panic" where he exhorts that the disco be burned down and the "blessed DJ" by hung up "because the music that they constantly play / it says nothing to me about my life". Considering that's true today, it ain't such a bad idea at all.

when you're hungover as shit after a spending a night drunk as a skunk

Verb. To display one's naked penis, esp. in a casual or defiant fashion.

Synonymous with hang wang.