HACKING IN THE PAST
Hacking Online Poker is largely a myth. There is only one ever recorded case of it happening. Click here to read it. This specific case involves taking advantage of a flaw in a random number generation code. This has been fixed by specific verification of their RNG's (random number generator).
HACKING DOESN'T HAPPEN
Hacking just cannot happen -- at least not from the outside. Why? Well any semi-legitimate online poker company employs 128bit encryption. Such as digital certificates from companies like THAWTE. The value of these certificates is that the client side program (say partypoker client) connects on a secure level to their server - therefore it is encrypted on your computer and decrypted on the server side. Making it nearly impossible to hack, the server that is.
HACKING THE CLIENT
Hacking the client is something that happens quite frequently.
Hacking Images:
For instance, you can open your poker directory.
c:\program files\poker client\images\
and you could open all those images and modify them. The new images would appear on your client only.
Example: modify table.jpg to add a pot odds chart instead of blank table felt.
Hex-Editing:
Another way to hack the client is to "Hex-Edit" it. Goto Download.com search for the programs by the name of "Hex Edit" and download one. Then use this program to open the client example "pokerclient.exe" . And you can view alot of information programmed into the client.
For the most part this is just an interesting way to look at how the program runs. However, in the past its been used to modify a couple interesting things such as registering banned names on that poker client. Such as "POKERCLIENT SUPPORT" or "ASSHOLEPLAYER" , etc.