What is the real meaning of the third precept? Can someone explain the third precept? Because most are translating this as "sexual misconduct"; but that it so narrow, and distorts Buddhism.
This is to have intimacy with someone under the protection of another. A wife or husband would be protective of each other in appropriate advances by another. A mother, father or family member would also do so.


  There are four conditions for wrong conduct in sexual pleasures.
  
  i) There must be a man or woman with whom it is improper to
  have sexual intercourse.
  
  ii) There must be intention to have sexual intercourse with such a
  person.
  
  iii) Action must be taken to have such an intercourse.
  
  iv) There must be enjoyment from contact of the sexual organs.
  
  With reference to the first condition, there are twenty kinds of
  women with whom men should have no sexual relations. They can
  be divided into three groups, namely: women under the
  guardianship of parents, family members, relatives and authorities
  charged with their care; married or betrothed women; bhikkhunis
  and religious women observing the Holy Life. For all women, a
  man forbidden by tradition or under religious rules is prohibited
  as a partner. For any unwilling partner who is drugged or forced to
  have sexual intercourse under threat of violence or coercion,
  conditions (ii) &amp; (iv) exclude them from violation of the precept.


Source: FIVE PRECEPTS (PACASILA) on urbandharma.org