GRAND BLANC, Michigan (Ticker) -- Tiger Woods' day at the Buick Open resembled a rollercoaster ride.

Woods began Saturday's third round with a four-stroke advantage, fell behind by three midway through it, then recorded three birdies on the back nine to end the day with a one-shot lead over unheralded Mexican Esteban Toledo.

The world's top-ranked player posted a 1-under-par 71 at Warwick Golf and Country Club to complete 54 holes at 15-under 201 as he tunes up for next week's PGA Championship.

"I didn't quite feel as comfortable over the shots today," said Woods, whose round included five birdies, two bogeys and a double-bogey 7 on the first hole. "I didn't really have it, but just had to grind it out, get the ball in play somehow."

Next week at Hazeltine in Minnesota, Woods will try to become the first player in history to capture three majors in a season twice. Ben Hogan is the only other player to accomplish the feat once.

Woods opened a two-stroke lead with his final birdie on No. 16. But in keeping with the day's theme, he gave back a shot with a bogey on the final hole, missing a six-foot par putt.

"We all know he is a competitor, he's a fighter and he's really a great guy to play with," Woods said of his final-round pairing with Toledo. "He's as nice as they come, so tomorrow is going to be a competitive environment, but one that I think myself and Esteban are going to thoroughly enjoy."

Fred Funk is tied for third with Bob Tway at 12-under 204, one stroke ahead of first-round leader Kent Jones and two in front of Steve Flesch, Tom Byrum, David Toms and Jim Furyk.

For most of Saturday, it was as if the two leaders reversed roles. Woods played like the journeyman and Toledo the superstar.

"Obviously, you have got to have respect for the No. 1 player in the world," Toledo said. "But I am not going to back off. I was talking to my wife last night and I told her that Tiger is beatable."

Toledo birdied five of the first nine holes to make the turn at 5-under, then birdied two of the first four holes on the back to get to 7-under.

While Woods always commands the largest galleries on tour, some fans jumped on Toledo's bangwagon, deciding to root for the underdog.

"They (the fans) were pulling for me all the way through the 18th hole," he said. "It was just all, 'Toledo, Toledo, Toledo' maybe because I am close to Toledo, Ohio."

But Woods put the pressure on Toledo with birdies on Nos. 12 and 13, and he did not handle it well. Toledo relinquished the lead with bogeys on Nos. 15 and 17 and settled for a 5-under 67.

Toledo seemed an unlikely candidate to steal some of Woods' thunder. He is winless since joining the PGA Tour on a full-time basis in 1994 and has only one top-10 finish this year, a tie for eighth at the MasterCard Colonial.

Toledo missed the cut in five of his previous eight starts. He tied for 30th last week at The International.

"I am not afraid to go up there and play against Tiger," Toledo said. "He's the No. 1 player, but it doesn't mean he is unbeatable. Things can happen. If I can put it together and not worry about him, not the crowd and play my own game, anything is possible."

Toledo showed winning form early in Saturday's round, holing a 60-footer on the par-3 second hole and a 30-footer on No. 4 for two of his five birdies on the front.

But things began to go sour on No. 15 as he hit a tree with a 3-wood and could not get up and down for par. He missed a chance for birdie on the par-5 17th after reaching the green in two, then blasted a 6-iron over the green on No. 18.

Only once before has Toledo played in the last group in the final round of a PGA event. That was at the 2000 B.C. Open, where his finished second after starting the day tied for the lead with Brad Faxon.

Should Toledo win his first PGA title Sunday, he would like to play in the PGA Championship next week.

"If my wife will let me," he said. "My wife is more important than this game and whatever she tells me to do, I will do."

Woods also may have something to say about Toledo's plans next week. He has captured 24 of 26 tournaments in which he was the leader or co-leader after 54 holes, including all three of his titles this year.

However, Woods got off to a shaky start Saturday as hooked a 3-iron -- his second shot on No. 1 -- out of bounds. The double-bogey ended his string of 51 holes without a bogey. He rebounded with birdies on Nos. 2 and 7 before bogeying No. 9 to make the turn 1-over.

"I felt like I was really putting well but I never really hit it close enough to give myself legitimate chances consistently," Woods said. "But it was good enough to shoot under par."

He got back to even with a 3-foot birdie putt on No. 12, then sank a 18-footer on No. 13 to move under par for the first time.