The wife and I went to the lake today and on our way back to the launch ramp I was idleing through a no wake zone, upon crossing the line I opened the throttle and the boat took off as normal. I then hit the trim switch to start trimming up and the motor sounded like I blew the prop out, (cavitated) but I had just touched the, switch not enough time for it to raise, I back off the throttle and it seemed ok, we run just a very short distance to the ramp and I didn't think anymore about it. I went ahead and loaded the boat and while I was waiting for the wife to pull me and the boat out of the water I smelled a faint odor of burnt rubber, again I didn't dawn on me what it might be. On the way home the proverbial light went off, " @#$% I bet I spun the hub on that prop".

I am kinda a newbie to outboards, does this seem like it is a possibility? If so how much to fix it, if it can be? Is it a DYI or dend off to prop shop somewhere? Or is it toasted? Btw it is on a Evinrude 150 and is a 14 1/2 x 21 raker. I do have a 14 1/2x 24 raker for a spare I can put on.

Likely.  Send it off to the prop shop.  The one I use charges around $50 I think for a rehub.

Sounds like a "spinner" to me.  Put on the spare.