There are a couple guys in my leagues that have a lot of forward rotation and very little axis rotation.  They are pretty high rev players and their ball seems to have a lot of motion for how little they get around the ball.  Can someone explain the physics of this?  Can the ball hook at a greater angle than it is rotating? 

Agreed. For a ball to hook there has to be axis rotation that is >0.  However with some asymmetric core shapes, it is possible to achieve some "hook" even with zero axis rotation.

The ball stops hooking when the rotation is 0° in the direction it is traveling.  High rev bowlers with minimal rotation are able to maintain that rotation through the entire lane.  Friction eventually wins and the rotation is reduced to zero. 

If fewer revs are imparted on the ball, the distance traveled before reaching 0 rotation is shorter.  More revs will increase this distance.