'It's nice to be able to stand up here and do what you have to do to win,' said Kuehne, who will share the first-place check of $550,000 with teammate Jeff Sluman.
Sluman dropped his third shot inside six feet at the par-5 17th and Kuehne drained the putt to move their team to 23 under. Micheel used a birdie at the last to join them in the clubhouse lead and McCarron's team joined the logjam after Faxon missed a birdie try at the 18th.
The trio of teams returned to the 18th tee to play the first playoff hole in the alternate-shot format. McCarron and Faxon were eliminated after McCarron's second shot found the water and the two remaining teams advanced with pars.
The teams went back to the 18th, this time under the better-ball format, and after Kuehne's approach stopped within five feet of the cup, the 1998 U.S. Amateur champion drained the putt to give his squad the win.
'I couldn't have found a better partner, period,' Kuehne said of Sluman. 'Together we make a good combination.'
Kuehne and Sluman held the lead after the first round at Tiburn Golf Club but found themselves four shots back heading into Sunday's scramble.
The duo began their charge up the leaderboard with a birdie at the 10th and Sluman ran home an eight-foot putt for a birdie at the 11th to reach 19 under. Sluman and Kuehne kept on cruising with birdies on each of the next three holes.
They added the birdie at the 17th to complete a round of 60 and force the playoff at 23-under-par 193.
Micheel lifted his team into the extra session with a strong finish. The reigning PGA Champion made a 10-foot eagle at the 17th and followed that up with a birdie at the 18th for a round of 61.
Faxon and McCarron began a run of four consecutive birdies at the 14th and had a chance to make it five straight at the last but Faxon's putt missed left.
Mark O'Meara and John Cook finished alone in fourth place at 21-under-par 195 after a round of 63. Kenny Perry and Scott Hoch, who held the 36-hole lead, were two shots further back at 19-under-par 197.
Last year's champions Rocco Mediate and Lee Janzen closed with a Sunday 63 to finish alone in sixth place at 18-under-par 198.
Craig Stadler and Peter Jacobson, both victories on the PGA Tour this season, joined the team of Matt Kuchar and Fred Funk at 17-under-par 199.
Tournament host Greg Norman teamed with Steve Elkington for a final-round 60. The duo finished at 15-under-par 201 along with Tom Kite and John Huston.
Paul Azinger and Olin Browne finished at 13-under-par 203 while Rich Beem and Mark Calcavecchia were two shots further back at 11-under-par 205.
1. Jeff Sluman/Hank Kuehne* -23 (60)
T2. Brad Faxon/Scott McCarron -23 (63)
T2. Shaun Micheel/Chad Campbell -23 (61)
4. Mark O'Meara/John Cook -21 (63)
5. Kenny Perry/Scott Hoch -19 (68)
6. Rocco Mediate/ Lee Janzen -18 (63)
T7. Matt Kuchar/Fred Funk -17 (64)
T7. Craig Stadler/Peter Jacobsen -17 (62)
T9. Tom Kite/John Huston -15 (65)
T9. Greg Norman/Steve Elkington -15 (60)
11. Paul Azinger/Olin Browne -13 (65)
12. Rich Beem/Mark Calcavecchia -11 (63)
*=Won Three-way Playoff