Answer: 3) A piece of athletic tape which helps Tiger align his golf grip.

Whenever Tiger Woods plays golf he wraps a couple layers of athletic tape around the middle finger of his right hand. This tape helps Tiger position his hands on his golf club for effective and consistent alignment. This is an old golfing trick that many people use including other professionals. On the Senior Tour Raymond Floyd has been known to use this same technique as well as the newest sensation on the LPGA tour Kelli Kuehne.

Word just in...Actually, I've received new information that 4) might be the correct answer also. A source tells me that in an interview with Butch Harmon, Tiger's coach. Butch says that the tape covers up a callous that needs protection. Well fans, I guess the truth will remain a secret. That is until I get a chance to take a closer look!