Shortened slang for two American favorites: Hotdogs and Hamburgers. I first heard this term from my younger brother (though I am sure it existed beforehand)and it cracked me up. It proves useful as a drunken exclaimation or for when extreme oral laziness takes over.
Mark: C'mon dude we gotta get beer and fire up the grill!
Julie: What are we eating?
Mark: Hots 'N Hams
Julie: You mean hotdogs and ha-
Mark: HOTS 'N HAMS!! That's what I said woman! HOTS 'N HAMS! and BEER!
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