Básicamente, el significado es escupir. Pero escupir con gran fuerza. "To hock a loogie" no es un esfuerzo débil. ¡Esa saliva, hay que dispararla!
As for using it in phrases, it's pretty straightforward. It's sometimes used to hock a loogie off something. For example, in the movie Titanic there's a scence where Jack teaches Rose to hock a loogie off the ship.