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1. To loiter (somewhere); to idly waste time (somewhere). Would you two quit hanging about and help me clean up this mess already? I wish you wouldn't hang about the house like this. Why don't you go outside for a while?
2. To frequent the company (of someone); to spend a lot of time (with someone). Why are you always hanging about with that jerk? All he ever does is insult us! I wish your little brother would quit hanging about. Doesn't he have his own friends to spend time with?
See also: hang