If you plan to do a literal mic drop, just know that the next thing you'll do is to cough up $100 cash for a new one. $400 if it’s wireless. You may think it’s a cool move, but whoever owns that microphone will want to kill you.
If you’re not gonna use the mic stand to hold the mic, move it out of the way and leave it the hell alone. Don’t lean on it, don’t hold onto it during your set and play with the mic clip while you’re talking. For one, those gestures could make you look nervous as hell. For another, there may only be one mic stand at this show. The bad news is, mic stands are often very cheaply made and therefore break easily. The good news is they don’t cost a lot to replace, but more bad news: that may be coming out of your pay.
And if you’re thinking, “Well, Bill Burr leans on the mic stand all the time! Patton Oswalt is always playing with the mic stand…” Yeah, look at their paycheck compared to yours. The phrase you break it, you bought it doesn’t mean anything to them. Besides, they’re headliners. They don’t have to worry about breaking the mic stand because no one is going up after them.
The best way to understand how to use this equipment is to have your own. Buy yourself an SM58 mic, cords, stand, a cheap sound board and amp to have at home to use for practice. You can always find them cheap on Craigslist because so many musicians are either trying to afford an upgrade or giving up on their dreams. Get to know how this stuff works and you’ll also learn what all you can do with it. Bill Hicks would make all sorts of amazing sound effects with the mic during his sets, and the way he learned how to do that… was messing around with his own mic setup at home.