I’ve come across this in books. Old books. British. It’s a children’s game. How is it played?
If it’s Robert Benchley, I’d say it was a joke the butler made when the idiot young lord couldn’t locate one. “Must be someone playing ‘Hunt the Slipper’, Suh”
A “hider” hides the slipper. Then, others go hunting for it, getting “You’re getting warmer” or “You’re getting colder” clues. When someone would get really close, they would get the “You’re burning up” advice. The person who found the slipper would turn around and get to beat the other children senseless with it. The others would run towards a “home base” where they were safe.
We played a street game in Philly (USA) called “Hide the Belt”. You get a nice ‘n’ thick leather belt and someone gets to hide it. It was popular to hide it around a car, say a wheel well, or behind the tire or up a tree…anywhere. All the hunters would go looking for the belt in different directions, getting the “colder/hotter” clues. “John is hot…he’s burning up!” Pressure would mount, because if John had a beat on it, and you were close, John would grab that belt and beat you silly. When John came up swinging, everyone ran for their lives back to home base. Sometimes, you would act like you couldn’t locate it and pull in your prey who were being apprenhensive. Sometimes, you’d be on your back, reaching for the belt and someone else would grab it and beat you senseless in a prone position.
I think the Brits played a sissy version of this game, as they would go looking for a fuzzy pink slipper. 
Check out http://www.collingsm.freeserve.co.uk/8/7.htm for a description. Sounds like quite the jolly time! 