No. I think it is not like that. "hang up" is a phrasal verb. "hang out" is a different phrasal verb. The combination takes on a whole new meaning that will not be the same for another verb & "up" or "out" combination. "hang up"- verb means to finish a telephone conversation. eg "end" on the cellphone. He was rude, so I hung up. Also: A hang up "hangup" "hang-up" (noun) can be something you have an issue over. She has a hang up about cats. Don't talk about cats when she's round. . "hang out" is to be relax, be lazy somewhere. It is only early. I'm going to Sara's place to hang out for a while. I'm going to hang out at the mall for a while. . "hang out" can also be a noun. Her favourite hang out is starbucks. This one is often "hang-out" or "hangout". . To illustrate "tie" is a verb, "tie up" is another verb.