The Hellenic Open University Reconstruction & Simulation (HOURS) software package contains a realistic simulation package of the detector response of very large (km3-scale) underwater neutrino telescopes, including an accurate description of all the relevant physical processes, the production of signal and background as well as several analysis strategies for triggering and pattern recognition, event reconstruction, tracking and energy estimation. HOURS also provides tools for simulating calibration techniques and other studies for estimating the detector sensitivity to several neutrino sources.