Huggers are a ballistic stretch that Tony Horton does in P90X. Basically, spread your arms out wide, then quickly bring them in around you like you're hugging yourself, then bring them out wide again, and repeat (this is probably a bad description). They're similar to the ballistic stretch that swimmers do on the block before a race.
They give a nice little stretch in the chest and shoulders and take a little of the burn out after doing push ups.