I am not 100% sure on this, (if someone who has cs3 and Lightroom could try it, to confirm) but you may be able to use Lightroom to render a raw file within photoshop cs3. you certainly can in later versions of photoshop. that way, you can edit the file in photoshop and Lightroom will keep the edits as an xmp sidecar (ie your editing will be non destructive)
you could try downloading a trial of Lightroom to see if it works