Your "guts" are your internal organs. Mainly the stomach and intestine, but it could mean all internal organs.
"To have guts" means to have courage or boldness. Cowards are called "gutless". "Gutsy" is sometimes used as a colloquial synonym for "bold". A poetic-sounding equivalent is "to have intestinal fortitude".
I'm not sure how "spit out the guts" fits (do you have some more dialogue?), but Padraig's explanation is clearer. Maybe "spit out the guts" could mean "tell us the most important parts".
The internal mechanics or circuitry of a machine is casually referred to as "the guts".
When someone is extremely disappointed (even upset), they are "gutted" (as if they were a fish, and someone pulled out their innards - so a feeling of hollowness is left). "I'm gutted that my team didn't get to the finals this year."