LOT theory was proposed by Bib. In theory, its purpose is to help hangers know which angles to focus their efforts on. You'll get a lot of different opinions on it's effectiveness . . . But most people
do find it confusing.
I'm in the works of writing an article about LOT theory, but that won't be out for a few more months. In the meantime, my advice is to not focus your attention on LOT theory for now - unless you want to take Dicko's advice, and learn the penis anatomy. This article will give you a start:
http://www.pegym.com/penis-enlargeme.../penis-anatomy
Either way, if you're a hanger, I suggest focusing on hanging in several different angles, rather than just one.