Hehehe... I thought hots were s'posed to be open. Think of it, whats the alternative.... a shorted hot? Now that wouldn't do at all. Hots is open till you plug in, right? The equipment completes the circuit. But I digress!
Thinking more... in some places they run 200 and 220/240, bi-phased, and you can have an open hot, and damage things if the equipment references ground/neutral.
Peavey amps are noted for having speakers go wonky. Check the speaker itself with a 9v battery. The battery should deflect the cone a decent amount.
After that... get out your soldering iron. Peavey has one of the best customer service departments I've ever dealt with. You can call them, and they'll sell you the suggested parts (after some brief discussion) and the prices are really low. I rebuilt my bosses kids amp - a few op amps and two big transistors, for like under six bux from Peavey. Try that route perhaps. Also, you can pull the chassis from the cabinet and send that over to them in Mississippi, for 1st class repair.