if you're intent on removing it, listen to lagged. if you vent it under the hood, several things might/can/will happen.
1) you'll have gas fumes entering the cabin of the car, and it gets very old, very fast. 2) as lagged already stated more than once, it vents right near the exhaust manifold/turbo/downpipe assembly. do you know how hot that gets? do you really want gas fumes (the most combustible part of gasoline) to be floating around a setup that hot? 3) drilling a hole in the gas cap wont do you any harm. you could also just get a vented gas cap from any autoparts store.
-shaeff