ST. ANDREWS, SCOTLAND, JULY 22 -- Jack Nicklaus said today he would no longer play in the major golf tournaments on a regular basis and may have played his last British Open at St. Andrews, which has witnessed two of his greatest triumphs.

Nicklaus, who shot a 1-under-par 71 to finish at 1-over 289, said he would no longer play in the British Open every year. Instead his participation would depend on his form and mood.

"I told Michael Bonallack {secretary of the Royal and Ancient Golf Club} last year that this would be my last year as a regular participant," said Nicklaus, who has taken three British Open titles among his 20 major championships. "Next year I'll see how I feel. I'll take it year by year and see if my game is competitive or not. That applies to the majors in the States too." Hills, Valleys on the Road

Peter Jacobsen will not soon forget the Road Hole. The 17th gave him his most exhilarating and miserable moments in this British Open.

The bending 461-yard hole, guarded by wiry rough and a steep bunker on the left and a road and stone wall on the right is called the hardest par-4 in the world. Jacobsen double-bogeyed it in the opening round and birdied it with a virtually impossible 50-foot putt around the edge of the bunker in the second round.

Today he took an eight, as he swirled from 12 under par at one point to a 73 for 7-under 281. First he drove deep into the rough. His first attempt to get out with an iron flew only 10 feet. So did his second. And his third, hacking furiously at the clinging weeds. Finally, he made it airborne and just short of the green. He emerged with his arms raised as if in triumph.

"When I'm sitting in my armchair and I'm 80 I can say I've had the best of times and the worst on the Road Hole," he said. A Worthwhile Trip

Tim Simpson made a hole-in-one at the 172-yard 11th. His full 7-iron set down 12 feet short of the pin and trickled in the cup. "It never left the flag," he said. It was the seventh of his career, and helped him to a 72 -- 280.

Simpson was playing in only his second British Open and his first since 1983, like many U.S. golfers skipping the foreign major championship. He will go back to the U.S. PGA Tour with a good report, a convert to links golf.

"It's an experience I will never forget," he said. "I'm sorry to have stayed away. I didn't do myself a favor, and I'll be back every year. It's a brilliant championship."