Holes you put in the hood of your car with a pickaxe to (supposedly) make it go faster. These holes may also be installed via sniper fire.
Ned: Whatcha diddely-doin', neighbor?

Homer: Aw, putting speed holes in my car. Makes it go faster.

Ned: Is that so? Well, gee, maybe the old Flanders-mobile could use some
by RobbyPants May 30, 2008
Holes in your car that makes it go faster.
Jorge said he was going to put speed holes on joes car with a pick axe.
by speed hole gunzales October 29, 2010
When drinking a canned beverage, especially beer, the speed hole is a hole punctured in the top of the can farthest away from the drinking hole. The speed hole thus allows air to displace the liquid in said can, thereby enabling the drinker to consume the beverage as quickly as desired
Always drill a speed hole in your beer and chug it whilst fishing on a sunny day, so your beer doesn't get hot.
by Andrukas January 5, 2004