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It's an automatic transmission, so it's designed to allow some slippage until it's locked up at cruising speeds. The only thing to worry about the engine is overheating it if you're doing it too long too hard, but a couple minutes in the snow is well within design specs of everything.
http://www.hummerknowledgebase.com/driving/btmt.html
Read the above article for some information about how the drive system on these actually works.
Short answer though, power will always take the path of least resistance. if one side has less traction than the other, and starts spinning...