This invention provides a new mechanism for “Hot-Tracing” using a novel placeholder mechanism and binary rewriting techniques, which leverages existing compiler flags in order to enable light-weight and highly flexible dynamic instrumentation. Broadly, I-Probe can be divided in 2 distinct workflows—1. Pre-processing (ColdPatch), and 2. Hot Tracing. The first phase is a pre-processing mechanism to prepare the binary for phase 2. The second phase is the actual hot-tracing mechanism, which allows users to dynamically instrument functions (more specifically symbols) of their choice.