Linus' hole in a theory seems to be a counter case for the theory, NOT an area which isn't explained by the theory.

Keeping that meaning in mind, if a theory has such hole it means that there exist something which proves that the theory isn't correct, in which case the theory isn't valid.

If my theory is that all cats are green, and someone encounters a black one, it means my theory is bogus. Perhaps most cats are green, in which case the theory becomes only an approximation (but in this case even that's not true ;-).

There's no real difference between Laws and theories, except that laws maybe were more deducted from experimental data instead of thought out theoretical theories. "This seems to be always true, but we don't know why".