The Fatou-Julia iteration theory of rational and transcendental entire functions has recently been extended to quasiregular maps in more than two real dimensions. Our goal in this paper is similar; we extend the iteration theory of analytic self-maps of the punctured plane to quasiregular self-maps of punctured space. We define the Julia set as the set of points for which the complement of the forward orbit of any neighbourhood of the point is a finite set. We show that the Julia set is non-empty, and shares many properties with the classical Julia set of an analytic function. These properties are stronger than those known to hold for the Julia set of a general quasiregular map of space. We define the quasi-Fatou set as the complement of th...