In English, the phrase hang out means something like to spend time doing nothing in particular.
If I search for example sentences on tatoeba.org for the phrase "hang out" as in Let's hang out this weekend, the word vagadi is used, as in Ni vagadu for Let's hang out.
When I later looked up the word vagi at vortaro.net, it gives this definition:
vag/i (ntr) Iri de unu loko en alian sen difinita celo
Or, an English translation from Lernu.net:
vagadi (vag·ad·i ← vag·i) to wander around
So, the only place I see it meaning hang out is on a site where you have to be careful about who is translating the example sentences.
Is the word vagadi indeed recognized as slang for to hang out?