We cut the chit-chat a hole. What's 'a hole' here?

This is a scene from the movie, 'The rock.'

http://www.youtube.com/watch?v=cVZxh1WDOec

Here, Nicolas, the agent, slighly pissed off, says loudly,

"What do you say we cut the chit-chat a hole.'

I already learned what it is to 'cut the chit-chat'.
That's like 'to stop beating around the bush and get straight to the point,'
Right? No problem with it.

The puzzling part is 'a hole'.
Is it like, 'ass-hole'?

I looked up the dictionary to see what 'a hole' could indicate here in vain.

Is it a way of calling someone's names?
Like, 'You're the one who is wrong here, a hole'?

I doubt it makes sense.

Would you show me the exact usage of 'a hole'?
I'm dying to know.