1) Only an account owner can delete the hotlists created.
2) Deleting a hotlist does not delete the records inside the hotlist :)
Deleting a hotlist is really simple:
First, Click on the "Quick View" button on the top left of the screen.
If you are viewing candidates, you will see candidates hotlist and so on for Contacts or Jobs. .
Then click on the "View/Rename Candidate Hotlists" button
You can then Edit and delete any hotlist you want:
Hope this helped :)