Green’s Dictionary of Slang

1. (Aus.) to endure [hang out v.¹ (3)].

1890

‘Rolf Boldrewood’ Colonial Reformer III 36: The rest of the time you’ll have to hang it out the best way you can.

2. (US) to run a risk, risk one’s life, to go to extremes; thus hang-it-out adj., reckless [hang one’s ass out under ass n.].

1969		in R. Mains Dear Mom 224: If I do fly I won’t be assigned a mission where I ‘hang it out’ too much [HDAS].
1973		C. Gaines Stay Hungry 151: We’re gonna hang it out today. We gonna celebrate.
1973		S. Ace Stand On It (1979) 35: Joe-Jack was a dynamite driver and he was really hanging it out every time he came around.
1982		G.I. Basel Pak Six 114: They took chances, hung it out a mile. It was usually their wingmen that didn’t come back.
1990		J. Wambaugh Golden Orange (1991) 177: Hadley, who had good speed for his size, powered along in a hang-it-out sprint.