My language partner and I went to see «Президент Линкольн: охотник на вампиров» together, and when we sat down I thought he said to me, «Спусти этот хрен», which literally means “Lower that horseradish.” I was confused. I had misheard him. He actually said, «Спусти эту хрень» “Lower that thingamabob,” by which he meant the armrest between the seats. Here's how the word declines.

The word is what we might call substandard speech. It's very conversational, not suitable for academic reading. It's probably also a euphemism for the vulgar meaning of хрен. But the version with the soft sign you can use in front of your mom and grandma without them getting too upset. Take a look at the entry on the phrase «вот это самое» for a synonym. Here are some examples.

The word is also used to mean a useless thing or junk or worthless comment.