"Could you explain these phrases to me, please?" ("May" is often used for permission, so it sounds very strange in your question.)
out there = not here, probably not familiar to you yet. Other people are using these phrases.
need to hurry up = you need to move faster, learn faster or work faster.
get hip to = become familiar about the modern trends. By the way, "hip"(=trendy and cool) is one of those words that go in and out of use, so you could sound very outdated if you are not careful.