It is “hiit”, rather than “hitt”. High Intensity Interval Training.

Also, what you describe isn’t HIIT, but just interval training. Interval training is good as well, but somewhat different than HIIT
HIIT means you give 100% for a short time. There is no way you can sprint for 1-4 minutes. Ideally you will want your sprint interval for 8-30 seconds. That way you can give it your all. Some popular interval lengths are 30:60, or 8:12. The first number is your hard segment, the second number is your rest segment (in seconds). 8:12 generally means you stop for the rest period, on a stationary bike for example. Also, it seems most people say 15 minutes is a good length, and even 20 minutes for well conditioned athletes, but not more than that.
For more info, I found this site which seems to be pretty comprehensive.

http://www.hiitsource.com/