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1.
a spherical ball of dough that generally tastes very yummy. though it is neither a doughnut nor a hole, it is, in our opinion, the yummiest of all breakfast foods. fat kid paradise if you will. that you should definately go to the store and spend $3 for a box of.
BOB: dude lets go to the store and buy some doughnut holes.

FRED: man, why are they called doughnut holes? they are neither holes nor doughnuts..

BOB: nobody knows, but who cares. they're really good!
by the doughnut man, who are you? April 03, 2009
 
2.
A Hooker or prostitutes Butt Hole.
Ay dog yesterday i split this doughnut hole wide open.
by john fisherman (AKA FBF) April 17, 2008
 
3.
The act of taking a ferret or weasel and shaping it into a doughnut shape and fucking the center of the animal.
Person 1: Hey Mikey, where you going?
Mikey: I gotta doughnut hole Pualy! Be right back!
by Jnolz November 06, 2010