The term 'three-way pipe' is a type of pipe fitting that is used to connect three pipes together. It is also known as a TEE, which is an acronym for the words 'T-shaped Equal'. This type of pipe fitting is commonly used in plumbing and other piping systems to allow for the connection of multiple pipes in a single junction. The TEE fitting is designed to provide a secure connection between the three pipes, allowing for the flow of liquids or gases through the pipes.