The shoulder is deemed to be a joint of the ball and socket type, as is the hip. The major difference is that in the hip, there is actually a bony socket on the pelvis (Called the acetabulum) that the head of the femur fits into. There really is no such structure in the shoulder, the "socket" in the shoulder is made up of tendon and cartilage structures.
This results in a highly fluid, mobile joint that is able to move in many directions. Most other joints have a limited range of motion because the bony parts that make up the joint will not allow further motion in a direction. When you get to the end of that range, that is what is termed "locked out".
You can't really do that in the shoulder. If you get to a certain point and can't really move any further, or it produces pain, then what is happening is that you have reached the range limit of a tendon/muscle complex or a ligament. Forcing these to stretch further, especially under the load of a pullup can cause injury.
There are a few different things that can cause a limited range of motion in the shoulder, such as highly developed muscles without concurrent stretching, natural morphology, previous injury. I trained an athlete that could not "hang" in a pullup position without dislocating his shoulder due to many dislocations in his history. It is also possible that by forcing yourself into a full hang, you are putting the shoulder at high tension when it shouldn't be.
If you feel like your shoulder mobility is hindering you, than you can try safe swimming stretches and there are some martial arts routines that safely stretch the shoulder, but it's not likely that you have such a limited range of motion that it hinders your athletic goals. If that is truly the case, then I would get with a professional for an assessment.