I wouldn't hang a rabbit, i may keep it in the fridge for a couple of days, but thats all. Remember to gut as quickly as you can as well. The guts have a habbit of tainting the meat quickly IMHO. This can sometimes be seen as a green ting to the skirts if you leave it a bit too long.
As for cooking it, as long as possible in a casserole, as you would stewing steak, or boil first for a good while, (1.5hours) then strip the meat to put in a curry for instance, then cook as you would strips of chicken.
HTH
Matt