// First Loop
<?php $lastest_ep = new WP_Query('category_name=episodes&showposts=1');
while ($lastest_ep->have_posts()) : $lastest_ep->the_post(); ?>
<div>
  <a href="<?php the_permalink() ?>" rel="bookmark"><p class="smalltitle">
  <?php the_post_thumbnail('medium'); ?>Episode:<br />
    <span class="lighter"><?php the_title(); ?></span></p></a>
<p><?php the_advanced_excerpt('length=29&use_words=1&no_custom=1&no_shortcode=1&ellipsis=%26nbsp;&read_more=<em><strong>(read more)</strong></em>&add_link=1'); ?></p>
</div>
</div>
<?php
endwhile;
wp_reset_postdata();
wp_reset_query();
?>

//Second Loop
<?php $prev_ep = new WP_Query('category_name=episodes&showposts=2&offset=1');
while ($prev_ep->have_posts()) : $prev_ep->the_post(); ?>
<div class="flt-l">
<a href="<?php the_permalink() ?>" rel="bookmark"><p class="smalltitle"><?php the_post_thumbnail('thumbnail'); ?>Episode:<br />
    <span class="lighter"><?php the_title(); ?></span></p></a>
  <p><?php the_excerpt(); ?></p>
</div>
<?php
endwhile;
wp_reset_postdata();
wp_reset_query();
?>