When you say you have a "third party library that I need to patch", is this a source code library or a .NET DLL (Assembly)?
I am assuming you are talking about sharing third-party code with one or more *dependent* team projects, and that the dependent team project needs to modify (patch) the library?
Do the changes (patches) need to be merged back to the base copy of the third-party code?
Depending on your answers to these question, I will probably blog on this issue, and post the link back here.
VS ALM Ranger