v., the act of farting while simultaneously shot-gunning a beer. The mouth of the can is hole number 1, the "shot-gun" hole that you puncture in the can is hole number 2, and the fart makes your asshole the "third hole." This leads to the highest possible rate of beer ingestion during the shot-gun due to overcoming the vacuum of the can and your intestines simultaneously. May lead to defecation, aka the "Third Hole Bogey."
"How did you down that beer so fast?"
"I Third-Hole it every time, bro.