Interesting comments and advice thus far.
I am not as accomplished tracker as others who posted, but I guess the answer really depends on how hot too hot is given your circumstances ....
1. If you are just at the limit of "your" car and you sense the rear is about to lose it (it wiggles enough that causes you to worry), a slight lift of the throttle and then back on moderate throttle enough to plant some rear traction again should solve the problem. Been there several times, and managed to save it every time. More accomplished drivers may push this envelope a little more to take advantage of a controlled oversteer driving as desirable.
2. If you are even hotter, where you anticipate a definite spin unless you do something, I think some moderate braking with continued moderate input steering will help you scrub off speed but also knowing full well that you "might" most likely run out of track out pavement. Hopefully by then you have scrubbed enough speed that you can continue off track (2 or even 4 off) in a straight line until the car settles; and as docjohn notes, do NOT force the car back to the track by overcorrecting the steering until it has settled enough where you are in control of the steering and direction. This is when cars shoot and bounce back into the inside wall or even roll - seen both happen.
3. If you are even hotter
- perhaps because of brake failure, mechanical failure or complete mental lapse (otherwise I can see no excuse for it), then as Andrie said, hit the brake hard, and try to keep the car straight until you have scrubbed enough speed where giving some steering input to help scrub more speed will not make you roll - but a "planned" spin would be ok if you have wide enough track. Sometimes based on the track layout you may not be able to exercise any steering so hitting the brakes hard may be the only option. I have also mentally trained myself to pull the parking hand brake if need be - used to play with the hand brakes when I had a Mini back when ..... And if a wall is inevitably ahead of you, say a quick prayer and try to protect your arms and legs from the coming impact by letting go of the steering and unlocking your knees.
HTH