Hot, horribly lost, occasionally mean (6)
I believe the answer is:
stolen
'hot' is the definition.
(eg stolen goods are 'hot')
'horribly lost occasionally mean' is the wordplay.
'horribly' indicates an anagram (a horribly wrong version of the letters).
'occasionally' means one should take alternating letters (letters taken at regular intervals or occasions).
The alternating letters of 'mean' are 'en'.
'lost' anagrammed gives 'stol'.
'stol'+'en'='STOLEN'
(Other definitions for stolen that I've seen before include "Nicked" , "Taken unlawfully" , "Goods that have been taken dishonestly" , "Pilfered" , "subject to plagiarism" .)