I don't think there is any official cut-off where a hypo begins. If a normal fasting blood-sugar level is 5.0, with some people going as low as 4.5, then it seems to me that anything that is 3.5 or lower could be considered a hypo. Of course, you are not going to pass out at 3.5, but anything lower than a 2.0 should be considered dangerous in my opinion. The threshold at which a person passes out probably changes from one person to the next.
One other thing you should know: The symptoms you get when you are having a hypo (heart pounding, sweating) are caused by a release of epinephrine (adrenaline), which is your body's way of alerting you to the dangerous situation. Now, if you are coming down from very high BS levels (say, 11.0 or so), your body may secrete epinephrine if you go to only 4.5. But if your BS levels are near normal, it will take a lower level for the epinephrine to be released. If your body is experiencing frequent hypos, at a certain point it says, "This is normal", and it stops releasing the epinephrine. In other words, the epinephrine is your warning system that something is wrong. So it is really important that you learn to control your hypos so that you don't lose that important warning system.