I hug some of my guy buds, but it really depends on the situation. For example, I greeted my one buddy with a "fist pump" as I think most people call it. (two guys make a single fist, bump lightly. Alternative way for shaking hands, more or less). But the following day when I saw him, it happened to be the night he graduated. I gave him a hug right when I saw him.
It's funny because, of the group of friends I hang out with, pretty much every guy has a girlfriend that also frequently hangs out with our little gang. Sometimes it's humerous to get the girls going a bit by joking around with my other guy buds that we're a couple. Now, keep in mind folks, me and all of my buds aren't the slightest bit homosexual, but it's a way to keep the night alive.
Hell, if I remember correctly a few nights ago when I had a bit much to drink, quite a few pictures were taken of me sitting in some dude's lap.
Going slightly off topic here, I saw some TV show a while back. There was some man who had some incredibly rare disease that developed from some bug bite he got while on vacation in the Amazon. He had quite a recovery time, took him a solid year to fully recover and regain the strength in his muscles to properly walk again. In the end, he made a statement that is literally scarred in me that I always remember. "I'm no longer a hand shaker. I'm a man who's been given a second chance at life. When I see people I know, I give them a hug. I'm happy to be here."