MIT slang:
the state of being overloaded with work. Most-often, being hosed implies that your work is academically inclined, but it can also be caused by a job, extracurricular activity, or anything else that has a deadline.
When someone is hosed, and trying to resolve this, they are usually said to be tooling.
If someone is not tooling, they are said to be punting.

The origin of the term is from the quote and M.I.T. mantra: "Getting an education at MIT is like trying to take a drink from a firehose"