Hot lead refers to freshly fired bullets as they are discharged from a firearm. Bullets have long been composed of primarily lead due to it's high density as well as malleability. Intense frictional forces cause bullets to heat up significantly as they are fired resulting in a fast moving and very hot lead bullet; thus the term "hot lead".
Fred: I've got a hot lead, send a sample asap!
Joe: A what? Really? Send pics!
Fred: ... not that type of hot
By Faina
Eat Hot Lead
"Eat lead", or "Eat hot lead" is an annoying silly catchphrase that Hollywood turned it's back on. It occasionally pops up in scrolling shooter videogames and saturday morning cartoons. The phrase is said while operating a firearm in the hope to wound or kill an enemy.
It is said in a pathetic attempt to force the enemy to consume the bullet. Idiot.
Whoever says this would have more chance hitting the target if shouting "the power of christ compells you" at the top of their lungs.