If you want a more exciting way to do it, try the method my dad and I always did- Pour diesel fuel into the hole, then light it with a *long* stick. It's not explosive, but you will have a smaller version of the Eternal Flame in your yard for a while, depending on how much fuel you use. The paper nest soaks up the diesel and burns slowly. I wouldn't recommend actual gasoline, though. That's just silly.
Boil a large pot of water and pour it down the hole where you have yellowjackets. That ought to do it.
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