Go to areas, click on rope. Place the rope at the place where you want it to hang from. Go back to areas and create a PosNode where you want the rope to end. Try to keep it aligned with the rope area. Go to the rope's properties and where it says "EndPosNode", put in the PosNode area's name in it. The "StartBody" and "EndBody" could be left blank unless you want it to hold something. Where it says "RopeFile",click on the "..." and go find the "misc" folder and then click on whatever one you want, if it be a rope or a chain.
Now I said that if you want an object to hang, place the key at the PosNode you placed that is ment to be used as the "EndPosNode". Then put the key's name in the "EndBody" blank. That should work... I think.
Edit: Crap. Palistov beat me to it! XD