The content type used to populate What's Hot is Portfolio. If you want to find a specific post go to Content and then filter by Content type=>Portfolio

To create a new entry go to Content => Add content => Portfolio

Make the title as descriptive as you can. Otherwise trying to find it to edit or unpublish it will be very difficult.

For the body enter what you would like to see posted under your image. Text limit is 200 characters. You may have to edit it a few times to make it look nice on the homepage. Keep the Text Format set to Basic HTML. Ignore all of the settings to the right of the page.

Images are not required but it will really throw off the look of the homepage if you don't add one. Just make it 800 x 600 or larger. It will be cropped automatically.