To solve this problem, we need to select the first (P), fifth (L), ninth (A), and eleventh (E) letters from the word PENULTIMATE, and then form words using each letter only once.

The selected letters are P, L, A, and E.

Now, let's form words using these letters:

1. PALE
2. LEAP
3. PEAL

All three words are meaningful and fulfill the conditions given in the question.

Now, we need to find the third letter of these words:

1. PALE - The third letter is L.
2. LEAP - The third letter is A.
3. PEAL - The third letter is A.

As there are multiple possible words with different third letters, the answer is 'D'. So, the correct option is (D) D.