A code phrase between males. "Part 3" can be anything sexual you want it to be. It can be making out with a girl, throwing a bone at a girl, or anything you want with a girl. It is usually sexual intercourse in which the reproductive parts are put into action. It is used by males around their girlfriends to trick them into agreeing for a "part 3". Then, you would brag to your guy friends by saying that you've had a "part 3."
This follows part 1 and part 2.
Brian: "Hey babe, you remember our part 3 last night?"
Jenna: "Huh? Sure."
Wesley: "Wanna part 3?"
Meghan: "Uhh... sure?"
Brian: "Dudes! We hella part 3'd!"
Wesley and Brian: "Ooooh shit! DAMN! PART 3! PART 3!"
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