The "third eye" is believed to be located in a structure of the brain called the Pineal gland. The Pineal gland is located in the mid brain atop the Thalamus. This gland has no apparent biological function, and most scientists believe it to be a vestigial anatomical structure with no physiological significance.
However, the Pineal gland, in people with enhanced psychic abilities, shows an increased amount of blood flow that can be seen on a MRI or CAT scan according to some recent studies.
Increased blood flow, in non-pathogenic, organ systems, organs, organelles, and cells typically indicates a greater physiological need for oxygen. This oxygen is used in conjunction with nutrients for energy production (aerobic respiration). Therefore, higher levels of energy production and consumption in the Pineal gland would seem to indicate it being more than a vestigial structure. In fact, it would seem to indicate some type of physiological activity in the structure.
It is easy to interpolate from the information that developing your psychic abilities requires you to increase the number of connections (synaptic pathways) in your brain to the pineal gland. In order to increase your brains psychic integration deep meditation is suggested. Many different types of meditative techniques ranging from yoga to chanting have been used to produce psychic phenomenon. The potential psychic energy stored in our brains must be turned into free psychic energy and then channeled to produce the desired effect. The physical component of this channeling is the Pineal gland, which is part of the endocrine system. Like all glands, the Pineal glands job is to regulate hormone levels. It regulates the hormones necessary to produce psychic phenomenon.
The theta wave like any wave has amplitude and frequency. In order to channel or modulate this wave one must have conscious access to it and the ability to control it. Accessing these waveforms takes time and piety. Think of it as exercising your mind.
Imagine if you had not moved for 20 or 30 years and had just remained motionless in a supine position in your bed. Your muscles would atrophy, and it would take time to master the simple act of walking. You would have to develop new muscle in your body and coordinate the required movements to walk in your brain. You would be looking at several weeks if not months of serious training just to walk!
Although, theta waves are generally produced during times of deep sleep some have learned to create them while in a trance like state. In these deep meditative states is where we can produce theta waves and experience psychic phenomenon. The Buddhist calls this energy Chi and it can be channeled through the brain to produce a variety of effects from psychokinesis to clairvoyance. So, if you want to turn your third eye into a Chi producing powerhouse start "exercising" your mind today.