For us folks who like to stay Free and use the Blender 3d program over every other costly options!
md3 import - export script for blender. Read the description for details
place in .blender/scripts directory in your home folder
(Documents and Settings\USERNAME\Application Data\Blender Foundation\Blender\.blender\scripts on windows)
select objects you want to export. when asked for the shader path write the directory you want to use (ex: models/mapobjects/table/) Blender material names will be used for shader names (ex: if the material name is wood in blender, shader will be models/mapobjects/table/wood, i.e. [shader path]+[material name]. You may not need to write a shader. If there is no shader with that name Engine should fallback to tga or jpg ex: models/mapobjects/table/wood.tga)
exporting with animations:
move the frame counter to the last frame you want to export
(ex: if you want to export 10 frames move it to 10)
if you want to see the images in preview. you need to add the images in uv editor. Also you may need to load and assign each image one by one.