If you hit a shot OUT OF BOUNDS (marked by white stakes), you are NOT allowed to take a drop at the 'point of entry' (or more correctly 'point of exit'). Your only course of action is to take a 1-stroke penalty, and then re-hit the shot from the point where you took your previous shot from.
For example, if your tee shot slices right and goes out of bounds 250 yards down the hole. You MUST take a 1-stroke penalty, and then hit (stroke #3) from the tee-box again. That is the only option under the rules. Any other procedure is incorrect.