Each player is dealt three cards. A round of betting occurs and the flop is dealt. A second round of betting occurs. Before the turn card (4th community card), each player still in the hand discards one card (leaving each player with 2 cards). The hand is completed like Texas Holdem.
Summary
3 Cards Dealt
1st Round of Betting
Flop (3 Community Cards)
2nd Round of Betting
Discard 1 of 3 Cards
Turn (4th Community Card)
3rd Round of Betting
River (5th Community Card)
4th Round of Betting
Our Game (NL)
Blinds $0.50-$1.00