Essentials -

[Matno]

Depends on how fast you get it over the hole - if the hole is even visible on the surface. More likely the hole would be internal (i.e. from a fractured rib), in which case, there's not a lot you can do, short of inserting a chest tube with negative pressure (i.e. suction). If it's an external puncture, chances are, you wouldn't be able to plug it up before air got inside, in which case you'd just be holding air in, and not allowing the lung to expand. Punctured lungs can be very not fun. Had one on a pediatric patient just a couple of weeks ago. Fortunately, it was in a controlled situation and not a trauma (the surgeon nicked it while putting in a central line, which is not uncommon, but still a mistake!)

[Scott]

Wow it happens too fast to make use of the compress!  The negative air bit reminds me of "The Three Kings" scene where the only way a soldier was able to stay alive was by a large needle inserted through the chest with a valve on it to release trapped air.  Dramatic scene but maybe not true to life, actually it's the only truly memorable part of the whole movie!

[kiwi]

i can actually think of a way to create a vacuum but not for very long ...and the time it would take to make up the......hmm now only my new pack was a bit bigger...I wonder wot every one else carries.....

[shovelon]

I keep a small tube of Neosporin or Triple antibiotic in yf first aid kit. I use it for first  aid of course, but I also us it for lip balm, skin chaffing and such. I also use it for parts lube if needed. Saved my rear once when my clipless pedals fouled out, and once on a rusty chain.