How do you play guts poker or cut throat poker?

The dealer deals out three cards to everyone and you have to try to make the best hand out of what you have. If theres a wild card then that can be used for any suit or or card. When the dealer starts to count everyone picks up there cards and holds them in the air if you have a good hand when the dealer gets to three hold your cards if you dont drop them, if you hold your cards and loose, you have to pay what ever amount that was in the pot for the next game.