When I was in high school, the fashion as to wear a belt that was too long, and to loop the extra part of the belt around itself so that the end hung down in front of you.
This is the closest example of what I mean (except I is a woman's belt and has a different kind of buckle):
http://ecx.images-amazon.com/images/I/51OsmYTRjXL._UX385_.jpg
Anyway, looking back on it, the fashion was probably hard some sort of phallic subtext, like a neck tie does. But i had no idea. I just tried to fit in with the fashion. But my belt wasn't that long, so when I did it, only about 2" was left over. It didn't really hang down but sort of stuck out, half hanging.
One day when I was a freshman, I was standing in the lunch line and two senior black guys were behind me. They were jocks and I was at that time a skinny nerdy type. They were joking and laughing, both wearing their belt looped and hanging, but with a lot of belt hanging down. They were joking about who had the bigger belt and the most hang. I didn't really get it, or why they thought it was so funny. At one point they said something to me I didn't understand, so I turned and said "what was that?"
When I did, one of the guys took his finger and flicked the extra part of my belt that was sticking/hanging in front of me, making it bob up and down. "Yeah, that's about right." He said and hey both broke laughing. I didn't get it and just turned back to get my food.
It was only later that I realized they were joking about dick size and about the steriotypical size difference between black and white guys. Of course, even now that I'm a built guy and no longer a slim nerdy guy, my "belt" still doesn't have much hang. So they were right.