A blog hop is usually where a group of people (often the members of a design team) get together and organise a particular time and day when they all publish projects on their blogs, maybe focusing on a theme or a new release. You usually start in a given place and then you'll be able to follow a link from that blog to "hop" to the next one and so on until you reach the end of the trail. Often, if you leave comments as you go, you'll get entered into a prize draw - the blogs will usually have details of any conditions you have to meet to be eligible for that.
HTH!
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