To answer your question, lane hacking is your basic piracy.

You sit near a trade ring, say, one which is halfway between a jump gate and point of interest, like, between the Battleship Missouri and the Texas Jump gate. Then, you target the trade ring and shoot it till it's shields go out. the next ships which try to come by will be bounced out of the trade ring and go to a more regular speed. This is how the rogues or outcasts will pull you out of the trade ring to attack you. After they're bounced out of the ring, then you shoot them till the stuffing pops out and BAM, you just got free cargo.

You make tons of money on it because it's all profit (unless you have to buy missiles you shot). But, you gotta be mindful of a couple things. If you're trying not to piss off the law enforcement or military, that they don't catch you around there. Also, watch out for large convoys, it can pile up pretty fast if you take a busy lane down.

The ring will turn red for you (just the one ring you shot), and, from then on out, any trade ship coming by there that passes the red ring with you near it, turns you red as well. But, the good news is that it only is temporary (not like attacking the police base or something) and it's only really around that one ring. As soon as you're out of range and all, you should have no problems.

Hope that answered your question. Good hunting.