Important Notes:
1) Only an account owner or the owner of the hotlist can delete the hotlists created.
2) Deleting a hotlist does not delete the records inside the hotlist :)
Deleting a hotlist is really simple:
1. 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.
2. Then click on the "View/Rename Candidate Hotlists" button
3. You can then Edit and delete any hotlist you want:
Hope this helped :)