Try to seal the hole. The less air exchange you have from the inside to the outside air the better. With the hole sealed, it is possible that the window may have enough dessicant in it to dry out the inside air and keep it from fogging up between the panes.
Observation: when I was about 7 years old, I did something similar with my BB gun. The result was my Dad removed the privledge of having the gun for 1 year.