Hang around, that is, in underwear (8)
I believe the answer is:
lingerie
'underwear' is the definition.
(type of underwear)
'hang around that is' is the wordplay.
'hang around' becomes 'linger' (linger can mean to wait or hang around).
'that is' becomes 'ie' (short for Latin 'id est', 'that is').
'linger'+'ie'='LINGERIE'
'in' acts as a link.
(Other definitions for lingerie that I've seen before include "One from W Atlantic island group" , "Women's underwear and nightwear" , "Garments" , "flimsy stuff" , "Women's underwear and nightclothes" .)