to walk to a destination, as opposed to taking a motor vehicle or a bike.
Person 1: dude it's 3AM, we're 30 miles away from home and both of us are way too drunk to drive.
Person 2: Lets hoof it
Person 1: Yeah totally man we'll be home in like a half an hour
half an hour later...
Person 1: dude where the fuck are we?
To travel by foot, to walk.
His car broke down, so he had to hoof it into town.