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Holes can't be larger than 1/3 the depth of the member and not closer than 2 inches to the top or bottom of the member.
So for a 2x8 that equates to a hole of 2.5 ( 2.49) inches.
Here's a thread that discusses this issue: http://advice.thisoldhouse.com/showthread.php?t=5798
Thank you, CANUK!!