I use CS3 ACR to develop my .nef files. I have a new 1x3 red hot pixel, with a bloom around it. A line of reduced luminance extends across 1/2 the picture, from the hot spot to the edge.
I can't tell if the spot is reduced, but it is not removed.
I don't think that ACR will automaticly fix hot pixels if that is what your asking. But from your discription I would be worried about my camera if I was you. that sound a lot worse the a stuck pixel.
Can you provide an example raw file? (note: raw file, not JPEG or TIFF)