While I hate to resort to Wikipedia, they have a fairly tidy explanation
of what "Third Wave of the Holy Spirit" is all about. Sarah Palin.
Third Wave of the Holy Spirit.

Sarah Palin belongs to a Neo-Pentecostal, Charismatic cult which is
considered, even by some of the most outspoken of evangelicals, as
"heretical" in its vehemence, its alleged perpetration of supernatural
attacks, and its wackiness. They are the fringe of the fringe in the
area of lunacy, and they are more dangerous than you could possibly believe.

And there are people who are about to enter the polling booth that can't
see past her pro-life stance, her pretty face and her aw shucks demeanor
to understand that she is a woman who believes in concentrated psychic
attack against those who would oppose her.

But here's the thing--this woman is as much an enemy of Christians as
she is of non-Christians...but a lot of Christians don't want to talk
about that, because they don't want those secular madmen, Obama and
Biden, to take office. They are blinding themselves to the fact that
this woman adheres to a doctrine that even they cannot theologically
support, just because she wants to keep unwanted fetuses in unwilling
wombs and Creationism in science classes and "In God We Trust" on the
green stuff enough to vote for her.

It's clear that Sarah Palin has declared unashamed and unvarnished
spiritual warfare on anyone who falls outside her narrow viewpoint--and
that includes Pagans, Atheists, Buddhists, Muslims, Catholics....and
other fundamentalist Christians. She associates herself with a church
that not only disapproves of "these kinds of people", but believes in
their total obliteration via forced evangelization and conversion.

Now that she and her cronies have Kenya out of the way, she can now turn
her attention, with her newfound national recognition, to eliminating
what she doesn't like about America--and what she doesn't like, my
friends, is you.

It's clear to me that if we aren't aware of that, and refuse to think
with our brains instead of our desire to eliminate gender bias in
politics, or, even more horrifically, think that it isn't all that
important, then we are about to see a very interesting four years ahead.

The stakes are very high--higher than you can imagine, and a word to the
wise is sufficient.

And if I'm preaching to the choir, mea culpa. But it scares me to think
that even one person reading this would even dream of casting a vote
that would help this woman into a position of power, and I think that
sharing these links might even turn your most conservative adversaries a
little closer to your way of thinking.