We're going ahead and saying it now: spoilers abound. Don't read further if you don't want plot points (circa 1964) revealed. Consider yourself warned. We're not liable for any bitter tears, moping or whining.
Oh, and here's a look at Day One, MGS and MGS2 if you missed them!

Ocelot Never Saw "A Christmas Story..."
Scenario: Volgin brutally tortures Snake in Groznyj Grad before trying to kill him. He then asks The Boss to prove her loyalty among a viper's nest of spies, demanding that she cut out Snake's eyes. Tatyana/EVA tries to stop The Boss, which arouses Ocelot's suspicions...
Sterling: It's ultimately a precursor to Snake's torture in Metal Gear Solid, but it's a lot harsher. I spent most of the game trying to figure out exactly how Big Boss ends up wearing a patch. Boy, is it brutal. Again, Snake takes a lot of ass-kickings in this game, but losing an eye is among the worst fouls perpetrated upon him. Well, that and being repeatedly electrocuted with a plastic bag over his head. It's not so gruesome that you can't look away, but it's definitely a rough sequence to watch. It makes one wonder if this isn't the moment that Ocelot starts getting some ideas for what he'll do to Big Boss' offspring thirty-plus years later.
Eduardo: This is one of those great revealing moments that explains a lot with just a little bit of information. Watching Snake get the stuffing beat out of him time and again certainly helps explain his eventual fall from grace, but it's the loss of one of his peepers that once again helps tie everything together. With this sequence, we begin to understand much more about this tragic hero.
Will: Poor Snake. I knew that he'd be losing his eye sometime, but I didn't realize it was going to be while selflessly aiding a woman that may or may not end up doublecrossing him later (don't spoil it for me!). I was actually surprised by how well he rolled with the whole thing, as I certainly would have ended up in the fetal position in the corner of the room. Of course, I also would have broken both of my legs after the HALO jump, so I guess it's kind of a moot point.
AJ: You're right: Game editors' legs are notoriously fragile. Anyway, you can't really blame Big Boss for going all super-villain when you see what he went through on the Snake Eater mission. I mean, we all know that losing an eye typically sends a person's Evil Quotient flying through the roof, so yeah, not surprising. Also: What the heck was up with the Snake's Nightmare mini-game? How random was that?
Sterling: Very. I still can't figure out if it's an homage to Nightmare Creatures, Policenauts, or it's just an inside joke.