Madonna's song says:

Every little thing that you say or do

I'm hung up

I'm hung up on you

Waiting for your call

Baby night and day

I'm fed up

I'm tired of waiting on you.

I know that hang up sometimes means to end a telephone conversation. Is that the meaning here?

Thanks in advance.
be hung-up on something or someone: to be extremely interested in (or worried by a particular subject) and spend a lot of time thinking about it/him/her....

She really, really likes this guy so she is always thinking about him...
Thank you My2sense.