Combine the avocados, jalapeno, onion, garlic, lime juice and cilantro in a mixing bowl and mix well with a fork, mashing the avocados if desired. Season with salt, pepper and hot sauce. Cover and set aside while you prepare the tortillas.
Heat the oil in a large, heavy skillet or deep fryer to 360 degrees. Fry the tortilla pieces, in batches, until lightly golden and crispy, 1 to 2 minutes. Drain on paper towels and season with salt and pepper to taste. Serve with the guacamole.