The easiest way for a homeowner to quickly and economically repair most small holes that can occur in an asphalt surface is with cold patch asphalt. This material can be poured directly into the area in need of repair and, if done properly, will eventually harden into a permanent repair. The actual material cures from contact with the air, so after properly compacting the patch, it takes time for it to completely harden. This allows the material to flow more readily into small spaces around the hole and makes for a more permanent repair. If you need your patch to cure faster, you can try a few things.
Fill the hole to within 2 inches of the top with gravel. Tamp down the gravel thoroughly with a metal tamper or piece of lumber. Add more gravel as needed, continuing to compact it to within 2 inches of the top of the hole.
Pour the cold patch asphalt material over the gravel to about 1/2 inch over the top of the hole. Tamp down the patch thoroughly. Add more material as needed, continuing to compact till even with the surface.
Plug the hair dryer into the extension cord. Operate the hair dryer in a sweeping motion. Blow hot air over the patch until you cannot easily press into the material. Keep blowing as long as it takes to harden the patch, since it is mostly the air flow that cures it faster.