Probably not, but try it and you will find out
Two ideas that MAY work to install and/or run old programs in Windows 10
-RIGHT click the program icon or EXE and select a compatibility mode in the pop up option window
-or Run as Administrator http://forums.adobe.com/thread/969395 to assign FULL Windows permissions may help... this says Encore, but is sometimes required for ALL Adobe programs (this is NOT the same as using an Administrator account) so follow the instructions, substituting the name and location of your specific program for Encore
AFTER you follow the instructions below
CS3 and Acrobat 8 activation server is retired see reply #1 https://forums.adobe.com/thread/2372929
-you MUST use the special serial number AND the special installer you download, not your originals
-above includes a link to get the special version AND links to help with activation problems
-more information on activation problems with the new version https://forums.adobe.com/thread/2385900
NO WAY JOSE!! I have supported Adobe Windows platforms since they bought Aldus Photostyler, then bought the first Windows version of Photoshop - which came on floppy discs, then other versions up to CS3. I tried CS4 and it sucked out loud - I uninstalled it and went back to CS3. Since I know what I am doing and don't need all the automated tricks, CS3 works fine except for this quirk. All things considered, and quirk included, it works better than the next version up did.
After being a loyal Adobe supporter for a quarter century, trying to rent it to me now is pretty offensive ,-\
This is 2020. CS1, 2 and 3 are officially dead & gone. All support has ended. The activation servers were taken offline years ago. If you never update your computer, you could potentially keep using the software for another 12 years. But it's no longer possible to install and activate on another machine.
Photoshop or Premier Elements 2020 (approx $100, no subscription needed)
Creative Cloud Photography Plan (approx $10/month for 1 year subscription)
Creative Cloud All Apps Plan (31 + apps & services)
Beware of fake Adobe reps who may contact you privately offering to sell you software or take control of your computer. It's a scam, run away! Creative Suite is not sold by any legitimate vendors in any country now.
Not sure Adobe would use the word “loyal” for someone who hasn’t upgraded in 13 years and is now 10 versions behind, and now loyally refuses outright the current business model used for the last 7 years... still, your mileage may vary. But for sure CS3 can no longer be activated.