The hex conversion utility (which is part of the compiler toolset) can be used to convert a .out file to .hex. You need these tools for F240x which is not supported in CCS 5.5. The last CCS release with support for these devices was CCS 3.3. If you have purchased a license for CCSv5 you can request a download link to CCSv3. Please see this page for details: http://www.ti.com/tool/ccstudio3
Once you have CCSv3 installed, you can use the dsphex executable within the \C2400\cgtools\bin folder to convert the .out file to a hex format. This can even be run from a command prompt, the CCS GUI is not required. For more information on the dsphex utility, see the Users Guide SPRU018 in the CCSv3 \docs\PDF folder.