The Jazz won consecutive games for the sixth time this season, but have yet to win three straight.
Hood knocked down a pair of free throws to put Utah ahead 89-87 with 29.1 seconds left in overtime. He scored 10 points in the first quarter and then carried the Jazz offence late with 17 in the fourth period and overtime combined.
Gordon Hayward added 14 points and Jeff Withey had 12 points and 10 rebounds.
Marc Gasol scored 20 for Memphis to go with seven rebounds and four assists. Courtney Lee had 17 points and Mike Conley finished with 15.
Gasol missed a wide-open jumper from the elbow that would have won the game in regulation.
The Jazz remained short-handed without Derrick Favours (back spasms) and Alec Burks (left leg).
Utah got out to a fast start with 28 first-quarter points, but the Memphis defence tightened up over the next 41 minutes. The Grizzlies held the Jazz to 36.8 per cent shooting after the first period.
The Grizzlies closed the first half on a 20-11 run, including a 9-0 stretch, after falling behind by 10 early in the second quarter.
Trey Lyles' jumper gave the Jazz a 46-45 lead at the break.
Grizzlies: Matt Barnes served the second of his two-game NBA suspension. ... Memphis began a three-game road trip. ... Zach Randolph came off the bench and scored eight points after starting the previous game. He has started 20 of 30 games this season.
Jazz: Utah shot 55.6 per cent from the field in the first quarter. ... The Jazz outrebounded Memphis 48-40. ... Trevor Booker had a game-high 11 rebounds.
ADAPTING ON THE FLY
The Jazz have been without Favours for five games and Burks for four games, and coach Quin Snyder said they're adapting. "I've maintained that what you do offensively is largely reflective of who you have," Snyder said. "If Chris Paul's your point guard, you're going to play a lot of pick and roll. ... In our case, we've been a team that has offensive rebounded and moved the ball and attacked that way.
"I think we lead the league in 3-point attempts since Derrick has been out. It's very descriptive of what we feel we have to do to be successful offensively. ... Oftentimes as a coach, those are things you figure out with your team."
Conley struggled with consistency earlier in the season, but has played better recently. "He is feeling better physically," Grizzlies coach David Joerger said. "He is also shooting the basketball better. I think one helps the other, whatever side you want to look at first. ... He has shot the basketball very well.
"He's done that as long as I've been here with him. ... He'll go on three- or four-week stretches where we are very tough to beat when he's shooting the basketball well."
MAKING THE MOST
Jazz rookie centre Tibor Pleiss entered the night having played in just five games, averaging 3.0 minutes, 0.8 points, 0.2 rebounds and 0.2 blocks. He got rare first-quarter minutes Saturday and set career highs in points (six), rebounds (six), assists (one) and minutes (17). Pleiss even flattened Tony Allen with a second-quarter pick.
The Grizzlies travel to face the Trail Blazers on Monday.
The Jazz host the Rockets on Monday.