Q:

How to create multi level navigation?

I created a sub level location for my menu link by drag & drop. (ex: /about/FAQ) 
I was wondering if it is possible to go another level deep (3rd level)?
example: /about/something/FAQ

A:

Here are few more interesting links to get you as much information about the problem as possible:
SP 2010:
Sharepoint 2010: How to add menu items at 3 or more level in quick launch -part 2
3 level navigation in Sharepoint 2010
3rd Level Navigation (Sharepoint 2010)
SP 2013:
SharePoint 2013 top link bar extended dropdown
3rd Level SharePoint SharePoint Navigation and Fly Outs
Two Level Cascading Drop Down in SharePoint 2013 using SPServices
I hope these resources help you! :)
EDIT:
Also found this rich answer with a quick search: How To: Global 3 Tier Hyperlink Navigation, allowing Dynamic DropDown

