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1.
A mistaken pronunciation and/or spelling of the Yiddish word "chutzpah" which was mocked recently on The Daily Show with Jon Stuart (Season 16 Episode 25).
...Did you-- Seriously?? 'Hootspa'?
by Skratt April 07, 2011
 
2.
Meaning to have energeic nerve or to be feisty without violence using humor.
Anna: "You give my bum a headache"
Shannon: "Are you saying that I'm a pain in the ass?" "Boy, you've got a lot of hootspa"
by Teak March 18, 2008