Cork Constitution's reward for knocking out holders Ballynahinch is a home tie against reigning AIB League Division 1 champions Shannon.
The draw has also thrown up two cracking Dublin derbies with Lansdowne at home to Blackrock College and Old Belvedere at home to Clontarf.
There is also an all University clash as Queen's University will host UCC.
AIB CUP THIRD ROUND DRAW:
- Matches to be played on November 7
A. Lansdowne v Blackrock College
B. Old Belvedere v Clontarf
C. Cork Constitution v Shannon
D. Ballymena v Young Munster
F. Belfast Harlequins v Dolphin
G. UCD v Galwegians
H. Queen's University v UCC
AIB CUP QUARTER-FINALS DRAW:
- Matches to be played on November 21
1. Winner F v Winner G
2. Winner A v Winner E
3. Winner C v Winner H
4. Winner D v Winner B