So from what I could gather, deflation is essentially when the economy is contracting, banks are restricting credit, the people who qualify for tighter restrictions don't want or need it, and the people who do need or want don't qualify. Opposite of that is inflation which is essentially an increase in prices in relation to the increase in
volume of currency which results in a lower
value in currency. So a situation where the value of something stabilizes from deflation and then begins to rebound and increase in value in addition to say, the Federal Reserve continuing to issue/print money at pre-established rates would result in inflation because the money supply would be disproportionate to the value of things. Hyperinflation is just extreme inflation. Situations in the past have resulted in extreme loss of value in currency to the point of using a wheelbarrow full of money to purchase a loaf of bread for example.

So is there a threat of hyperinflation (extreme inflation) in the United States at the current time or in the near future?
American.com said, "Economic and Political Relationships, which shows that all hyperinflations were caused by huge government deficits. By analyzing many historical examples, I illustrated how hyperinflations resulted whenever 40 percent or more of government expenditures were financed by money creation. Since it is expected that about 42 percent of U.S. expenditures will be financed by credits this year, some fear the emergence of hyperinflation in the United States."
There's a lot more to this article and I recommend you read it. From what I can gather the threat of hyperinflation in the United States in the near future is very real.
The counter argument presented by financialsense.com stated that, "There has never been a period in US history when home prices have been falling and we have had real inflation. Currently,
prices on everything, everywhere (almost) are falling. Even more importantly in the
US home prices are still plummeting, so unless there was some sort of abrupt and magic end to this global and domestic price free fall, statistically by all historical accounts, inflation is all but impossible at the current time or in the near future."
The impression I gathered from reading the counter argument was that, as long as our economy is experiencing deflation, there's no risk. Well....no duh. But with the government increasing their influence in the economy through various controls and inputs, the free market is unable to correct itself and we are left with the ancipations of government leaders to guide the market. A command economy essentially, and we all know how Obama feels about that.
The third site I visited was a collection of examples of hyperinflation throughout history from San Jose State University. The most chilling is from the former Yugoslavia 1993-1994 - the worst case of hyperinflation in history. An exerpt, "Under Tito, Yugoslavia ran a budget deficit that was financed by printing money. This led to rates of inflation of 15 to 25 percent per year. After Tito, the Communist Party pursued progressively more irrational economic policies. These irrational policies and the breakup of Yugoslavia (Yugoslavia now consists of only Serbia and Montenegro) led to heavier reliance upon printing or otherwise creating money to finance the operation of the government and the socialist economy. This created the worst hyperinflation in history up to this time. By the early 1990s the government used up all of its own hard currency reserves and proceded to loot the hard currency savings of private citizens. It did this by imposing more and more difficult restrictions on private citizens access to their hard currency savings in government banks."
I highly encourage you to read the example from Yugoslavia, it is chilling in that it outlines precisely the problem with Communist/Socialist - Command Control economies. I'm no expert on economics, however I am aware of the illogical steps our government has been taking in "attempting to soften the blow of the financial crisis." Rather than allowing for a market to correct itself as in a free market economy, prices are controlled under a Socialist system by a man or group of men. Throughout history whenever this has been the case, the population has suffered because no one man or small group of men can anticipate and command/control economies to their maximum efficiency. Mao tried to do it and 35,000,000 Chinese men, women, and children died of starvation because of it.