A combination of 'whoo hoo!!!' and booty.
Used possessively, as if the woman has some 'hootay' that she could give you, making her 'hootay' the sex you want to have with her. Can also be applied to a male.
"Give me some of that hootay, mama!!!"
An alternate use would be this; the woman has the 'Hoo', the man has the 'Tay'; ergo the usage could be thus:
"I'll show you my 'hoo' if you show me your 'tay', baby!"