What is the exact meaning of the expression "How's it hanging?" ?

Is it like
1 - "how are you doing?"
2 - "how are you?"
3 - "what are you doing now?"

And in which cases is is used? (I already know it's quite informal and between friends).
Um, I would be a bit careful with using this one. V. informal and 'slangy'.

It does have those meanings, but let's just say it is more relevant if you ask a man! Can you work out what is 'hanging' from that?
So I won't ask a female friend "how's she hanging?" Emotion: smile
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Hi Kayaker,

The expression is the very informal equivalent of "how are you doing?"

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It's a slang used by Red Necks which you can compare to How is it going?
jigans It's a slang used by Red Necks which you can compare to How is it going?
I believe the term "Red Neck" is also very informal, if not politically incorrect.
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On the contrary, I'd say that 'Red Necks' is a politically-correct term.

Red-necks are one of those groups that many kind and thoughtful people feel free to speak negatively about.

i don't think so( my opinion), the name red neck comes from the people working on the fields, of course this means working outside and working outside may lead to sunburns... hence the name red neck Emotion: smile