Hmm, I always pictured this phrase in my head spelled this way: "I'm gonna get out of hock." As in get out of debt or something.

Dictionary.com:

hock3 Slang
tr.v. hocked, hock·ing, hocks
To pawn: hock a diamond ring.

n.
The state of being pawned: put the diamonds in hock.
The state of being in debt: thought we'd never get out of hock.

So they consider it slang.

Looking at the definitions in Dictionary.com, I think they really meant 'hock', not 'hawk'. I think they're two words with slightly different definitions. It's looking like 'hawk' means to sell like a merchant or vendor, whereas 'hock' means to pawn. I'm pretty sure they meant they wanted to pawn their iPods. Unless they own Apple stores.