I know of "M-." which will insert the last word of the previous command, and typing "M-." again will replace it with the last word of the command before that.

I know of "M-." which will insert the last word of the previous command, and typing "M-." again will replace it with the last word of the command before that. Is there something that goes through the words, instead? So I hit a key, it inserts the last word of the previous command, then I hit the key again and it replaces it with the penultimate word of the previous command? I think using bang, I can do "!-3:1" to get the second word of the command three lines up?