My apologies for not explaining well enough. Picture would be great, but I dont have the facilities to post one right now.
Basically, there is a piece of conduit (or maybe raceway) that runs parallel to the ground, nearly immediately below the meter. It runs through the wall, and inside this conduit were the 3 conductors that I speak of. When I say it wasn't capped, what I mean is that you could look through from the inside of the house, or from the outside, and see the other side. The conduit I believe was 2 inches in diameter but I am not sure of that. It was only about 1 foot long, maybe slightly shorter, and the only purpose of it was to run the service into the house and into the bottom of the main panel.
Does that help at all? I wish I could post a picture.