Yes, hooch is alcohol and you have the option of stirring this back in or pouring it off. It is not recommended by the sourdough experts out there (on the Web) to keep your sourdough in the fridge longer than a month; otherwise the hooch will kill your starter. I chose to pour it off and see if I could get my starter going again.
I removed half of the starter, gave it a 1:1:1 feed (1 oz. water, 1 oz. flour, to 1 oz. starter) and let it sit in a warm place: oven with the light on. Four hours later are my triplets, ready to be used or put back into the fridge!