Hang about -- that's ladies' underwear! (8)
I believe the answer is:
lingerie
'ladies' underwear' is the definition.
(I've seen this before)
'hang about that's' is the wordplay.
'hang about' becomes 'linger' (I've seen this before).
'that's' becomes 'ie'.
'linger'+'ie'='LINGERIE'
(Other definitions for lingerie that I've seen before include "CLOTHING" , "Women's underwear and nightwear" , "Women's underclothes" , "Women's underwear and nightclothes" , "Slinky undergarments" .)