The phrase is casual and used mostly among friends or equals, not in polite or formal situations. After losing the game, Joe told Sam to sling his hook and come back better prepared next time.
Pro Tip 2/3
British Slang
It's a British slang term, so it might not be understood or appreciated outside the UK. When she heard the tourists' loud chatter, the British shopkeeper muttered, 'Time to sling your hook, folks.'
Pro Tip 3/3
Potentially Rude
The phrase can be seen as rude or dismissive, so you should use it with caution to avoid offending someone. The two were arguing, and one said 'Just sling your hook!' ending the conversation abruptly.