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Difference between Hang it and Hang it up

hang it(interj.) is used to emphatically express one’s anger, irritation, etc. (also: hang it all):

  • “Oh hang it,” he exclaimed—in no logical connection with what he had been relating to me.

hang it up

1. (coll.) cease an activity or effort:

  • We used to own a dairy farm but decided to hang it up and enjoy life and our kids.

2. (sl.) give credit:

  • The Colonel muttered something to the barkeeper about “hanging it up.”