In some Buddhist cosmologies, there are hell realms of existence.  These realms are not an eternal hell, but rather, states of deprivation into which one is propelled by karmic choices in life.  There are four of these states of deprivation, to be exact: Demon Realm, Hungry Ghost Realm, Animal Realm, and the Hell Realm. 

One is "born" into these realms depending upon the severity of one's unwholesome actions.  Life in the realm is impermanent; when the karmic fires are burned away, one dies in that realm and is born again in one of the other 31 Planes of Existence.

Many modern Buddhists see this cosmology as a metaphor for the degrees of suffering or joy that are possible right here on earth.