Displaying a Category Archive

I’m creating a news-oriented wordpress theme, and have a small issue. I plan to have a flashily formatted floating div (the size of a small rectangular box) within my homepage page.

While the homepage will be a regular one, this floating dive is supposed to show the newest 5 posts from a category called “Hot News” (not just the links, but post titles with excerpts) with an id of say 1

How do I have a regular home-page, along with a mini category archive in the floating box.

I know how to do the floating box, but not how to get the content from a specific category archive with excepts (and that too just 5 posts)

Guidance appreciated