To have a penis so long, that when flaccid it appears to be 'hanging' loose from the body, with the tip past the balls.
Contrary to definition #8, this is not race-modified, the only criteria being that the penis is long enough to 'hang'.
Also not precisely the same has having a 'huge' penis, as it is possible to be 'hung' yet have a narrow penis. This is seen most often in African-American males.
Tyrone was hung but pencil-dicked, Tonya found out much to her suprise.
Brad was so hung he had to tuck his dick under when he wore shorts.