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1.
To expose one's penis
Charlie: "It's like the biggest movie in America."
Dee: "Plus, I hear the guy hangs dong and I'm very interested in seeing that."

Do you like to hang dong on the trolley?
av Dr. Mantis Toboggan, M.D. 13 december 2011
 
2.
the act of publicly exposing the male genitalia
"Did you see me hang dong on the bus on the way to thunder gun?"

"Yeah, it looked like a piece of chalk and a penny was hanging out of your pants..."
av HangDongMan 1 december 2011