This is a word that has recently exploded in rap culture. Its previous meaning was "that ho over there," but due to gross grammatical misuse of the term, I've taken it upon myself to redefine it. Through linguistic genius tantamount to Shakespeare, the acronym thot has been redefined to mean "thirsty ol' trick." Thirsty defines hoes pretty well with the added bonus of making a thot appear more desperate, and trick is another term for ho, so all bases covered.
Translation: "You're fucking with a that ho over there."
Revised acronym "Thot":
"You fucking with a thot"
Translation: "You're fucking with a thirsty ol' trick."
T-Thirsty
H-Hoe
O-Over
T-There
A thot is someone who desires intercourse (thirsty), has a lot of intercourse (hoe), and happens to be in the vacinity (over there).
Everybody saying it is "That Hoe Over There" is wrong. That doesn't make sense if you say "Yo, she's a thot" She's a that hoe over there? no.
Jaquan: "You see that girl?"
DaMarcus: "You mean that thot?"
Jaquan: "What's a thot?"
DaMarcus: "Thirsty HoeOver There"
Jaquan: "Yeah, she is a thot, then."