If fungoes are a ball tossed into the air by a batter and then struck as it comes down then a fungo bat is a baseball bat used for hitting fungoes. To go into more detail, a fungo bat is a long, lightweight baseball bat used by coaches (or parents) during pregame hitting or practice to help them hit grounders and pop flys with more consistency and less fatigue. To be one of the best in baseball, countless hours of practice are a must and fungo bats are intended for both infield and outfield practice. Plus, they help tremendously with control and accuracy so that coaches and parents can place a ball where they want when they want.
Though entertaining enough, this play appears in its entirety as a small part of Sorrentino's magnum opus MULLIGAN STEW. You can read it as easily there as in this form. Plus you'll have the rest of Mulligan Stew as well. So I recommend you only buy this volume if you're the sort of collector who owns books because of what they are, not what they say.
Secondly, the first base fungo hits balls to the third baseman, who turns a double play with the second baseman to the normal first baseman, while the third base fungo hits balls to the shortstop, who throws to a shortened deep firstbaseman (this means that the deep firstbaseman stands closer to the shortstop than normal, so that the throw across this infield is the correct distance - this does NOT mean that the deep man stands any closer to the normal first base position - this length should always be sufficient)
The main goal of the game is to hit it to the pin in the least amount of strokes, similar to golf. Holes can consist of a certain sign in the outfield, in the tarp tunnel, off of the foul pole, onto the pitchers mound or off of a yardage marker on the outfield wall; it can really be anything on the field that can be hit without breaking. There can even be 2 part holes such as: First you have to hit the ball off of the scoreboard, then you have to hit the ball off of the right field foul pole.