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1.
(adj.) Batshit insane and likely drunk.
Bill: "You ever watch two girls one cup?"

Bob: "Yeah that was gross... those bitches are hoffnuts."
by captainmerv85 August 18, 2009
 
2.
Something that Sir David Hasselhoff finds amusing, exciting, or entertaining. It may also mean something he finds worthy of his testicles.
"Wow, girls. That dance routine was Hoffnuts!"
by Dee Fizzle August 18, 2009