gaz: Yes, hanging works. A lot of men have gained quite a bit from it. That said, you'll want to hold off on hanging if you're a beginner. Stick with the beginner's routine, then gradually add some advanced stretches, then work up to hanging. It's just like bodybuilding - you didn't try bench pressing before you learned the push up.
Hanging is a advanced exercise and only done if you have spent time conditioning your penis for 3 to 6 months. Then you have to decide what kind of hanger that you will want to use. How long have you been PEing?