Hang out
Relaciones Personales, Vocabulario, January 21st, 2009no tiene una traducción directa. Se interpreta como: salir con los amigos, pasar el rato o estar en compañia de tus amigos.
Hey Jimmy! I have nothing to do, we should hang out some time.
Ey Jimmy! No tengo nada que hacer, podríamos quedar un día de estos.

can player be used for a woman too?
Player is widely known as a man who “plays” with many woman, that’s the general use. I guess you could also refer to a woman as a player if she does the same thing, I’m not sure about this one.
a player = un mujeriego, or a womanizer
there is no equivalent for women
hang out también puede ser usado por ¨salir con alguien¨ casualmente, poco serio