Definition: In a H.O.R.S.E. poker game or tournament, the kind of poker played each round varies. There are five:
H = Hold'em
O = Omaha
R = Razz
S = Seven-card Stud
E = Seven-card Stud high/low Eight or better
If you're playing a H.O.R.S.E. rotation game, the game would change every time the dealer button made a full round. In tournaments, the game changes at the end of each round, or after a set and predetermined amount of time.
In 2006, the World Series of Poker introduced a $50,000 buy-in H.O.R.S.E. event and rotated games after each hour-long round, until the final table, when they switched to no-limit Hold'em until the end.
(Full explanation by Toby Bochan, Your Guide to Poker)
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