https://www.urbandictionary.com/define.php?term=hang%20out%20with%20your%20wang%20out
= Trick out with your dick out. / Rock out with your cock out. / ...

думаю, вы и сами можете понять, что это означает
https://www.lingvolive.com/ru-ru/translate/en-ru/hang%20out

Grumbler, these all mean the same thing - to go out and whoop it up big time - drink, dance, pull chicks/guys,...

pull chicks - думаю, это здесь главное.

вообще-то нет - главное дикое поведения

Well, someone at UD says (180/73) "go somwhere with the intention of having sex with the person you're going with", but I trust you that there can be other meanings.

The original was “rock out with our cock out” in a movie about a group of guys about to go out on the town. Then people started improvising and coming up with new versions - one filthier than the last. But the main meaning is to go wild with no inhibitions.

В русском есть слово "оттянуться"
http://teenslang.su/id/16939

Cool. And if you can add something like по полной программе, you’ve got your translation)))

+++Grumbler

Да, "по полной программе" - в самую точку. Добавил

👍🏼