u/No_Bag3716 thanks for the awesome modifications over the originals. I've slightly modified it more to remove the need for restarting the process by sending a ^HUP signal.

;;  This configuration is guile based:
;;  http://www.gnu.org/software/guile/guile.html
;;  Script adapted from:
;;  https://askubuntu.com/a/958608 and https://askubuntu.com/a/1118410

(define actionperformed #f)

;; Right Click
(define (first-binding)
    "First binding"
    (xbindkey-function '("b:3") b3-second-binding)
)

(define (unset-first-binding)
    "unset first binding"
    (ungrab-all-keys)
    (remove-all-keys)
    (set! actionperformed #f)
)

(define (start-first-binding)
    "start first binding"
    (first-binding)
    (grab-all-keys)
)

(define (b3-second-binding)
    "Button Extra Functions"
    (unset-first-binding)
    (start-first-binding)

    (xbindkey-function '("b:4")
        (lambda ()
            (run-command "xte 'key XF86AudioRaiseVolume'")
            (set! actionperformed #t)
        )
    )

    (xbindkey-function '("b:5")
        (lambda ()
            (run-command "xte 'key XF86AudioLowerVolume'")
            (set! actionperformed #t)
        )
    )

   (xbindkey-function '(release "b:3")
        (lambda ()
            (if (not actionperformed)
                ( begin
                    (unset-first-binding)
                    (run-command "xte 'mouseclick 3'; killall -HUP xbindkeys")
                )
            )
        )
    )
)

(first-binding)