I have experimented with this today, using water. I stuck a short (1 and 1/2 inch) piece of 5/16 I.D. tubing into the 3/8 I.D. tubing from my auto-siphon and attached another piece of 3/8 tubing about 2 and 1/2 feet long to the end of the 5/16 tube. I shoved each end of the 5/16 tubing about 3/8 inch up into the 3/8 tubing to leave about 3/4 inch of the 5/16 tubing exposed. It fits tightly enough that I didn't even need to use any hose clamps. I then drilled a single hole in the 5/16 I.D. tubing using a 3/32 inch drill bit (the actual hole diameter came out about 1/16 inch after the vinyl closed back up a little around the hole. This seems to work pretty well. With the exit from the tubing at the bottom of the carboy, the top surface of the water was bubbling - this seems like it would be better than just letting the stream fall down into the carboy from the top, though it might not really make much difference. I couldn't detect any significant difference in the amount of air being pulled into the tubing with the exit at the top or under water at the bottom of the carboy.