I know the PhysicsHelper project and Andy behind it (it uses FPE 3 by the way). He suggested that you place a sensor around the hole and once the body comes in contact with the sensor, you create a joint to make the ball stay in the hole until something
Your hole is 1 meter in radius. You create a circle body with IsSensor = true to make it a sensor (sensors only reports collisions) and once the ball comes in contact with the sensor, you check if the velocity is below the threshold that you defined. If
the ball is below the threshold, you create a fixed distance joint (FixedDistanceJoint) between the hole center (world coordinates) and the ball. Set the length of the distance joint to be 0, and it will automatically pull the ball to the hole (you can even
make it pull it slowly to the center of the hole by setting the damping factor on the joint).
Now you need the ball to be released from the hole when something hits it - this can be done by disposing the distance joint once it has reached a specific threshold. You use something like this: DistanceJoint.GetReactionForce().Length > 1000 where 1000
is just a number that you tweak to fit your needs. When that condition is true, you dispose the joint and the ball is free to move again.
If you need some help on how to use FPE, I suggest you take a look at the samples.