It means to raise the sails up so the wind will catch in them and move the ship. You had to raise them if it wasnt very windy. raise=hoist Great movie :)
Raise the pirate flag up the mast, so that the target ship sees that they are under attack by pirates.
to raise the flag i think
Hoisting the colors high refers to the custom of raising the flag on a ship. During the golden age of pirates, the flag of a pirate vessel was meant to strike fear into the hearts of their opponents.