"Hot PM" is the drinking game version of "hot potato." Music plays as players toss around an Alcohol PM shot glass that is filled with liquor. when the music stops, whoever is holding the shot must take it. Also, if a player drops the shot glass or makes a bad toss they must take the shot. This game became popular when the Alcohol PM shot glass, with it's air-tight cap, was introduced to the drinking scene.
"Flippy cup? are you kidding me faggot?! We only play HotPM around here!"
A sticky mess or emphatically bad situation. Akin to "hot mess", though broader in definition and not necessarily pertaining to the appearance of a subject.
Man, I shouldn't have knocked up my chem teacher. This hot mistake has my world all FUBAR.