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Acronym for "Let's hug it out, bitch.", a popular catch phrase from HBO's "Entourage", courtesy of Jeremy Piven's hilarious character, Hollywood superagent Ari Gold.
Ari: "Wanna hug it out?"
Eric "E" : "No, not really.."
Ari: "Let's hug it out bitch, let Hug-It-Out."

by Gee` July 10, 2005
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