Ok I know the correct answer is to replace, but is there method to fix a power steering hose. I am not sure how much pressure it holds,

Can you define fix? What is wrong with the hose? Is it the fittings or is it split or just seeping a little ?

The hose has a "hole" in it, ( more like a small slit) I was thinking of a way to splice the hose.

The hose has a "hole" in it, ( more like a small slit) I was thinking of a way to splice the hose.

If it has fittings on the ends of the hose then your better off just replacing the hose. The reason being is you would require a crimped fittings to splice them together. If it uses hose clamps to hold it on (low pressure) then replace the hose anyway but its much cheaper to do so.