A genuine hanging wedgie actually got me into them! When I was a kid and didn't know what a wedgie was, I'd run around the house in my tighty whities. One night, my sister who's about 8 years older had her friend over, and I was annoying them. For context, we had connected rooms and my bed had these big wooden posts at each corner, and I was also pretty small at the time. After I'd annoyed them enough, she threatened to give me a wedgie, and after she noticed my confusion, she told me to turn around. I did, and she grabbed the back of my tighty whities and lifted me up, giving me what to this day was the biggest wedgie of my life (keep in mind that she's much taller because of the age difference). She laughs and holds me in the air for a few seconds, before I guess she got the idea to hang me, so she then got up on my bed and lifted me up and hooked my undies over the wooden bed post, then jumped down and started laughing at her work, before quickly running into her room to get her friend and show her what she'd done to me. They both laughed for a bit and talked about it, then they took me down together. My sister commented on the fact that I didn't seem to care the wedgie, and then they laughed off and left me alone, and I stopped annoying them, and I realized that I liked wedgies. Overall, the hanging wedgie itself was about 30 seconds long, and I've never had one since. Sorry for the long post, wanted to share! 
I absolutely love being wedgied, but I enjoy dishing it out as well 