No. And that's one awful workflow that is filled with trouble.
Download the CS6 trial and use that.
I'm on an older machine which may not be be up to spec for running CS6 and have several projects to complete in CS3 this month before coping with a learning curve for the upgrade. I take it you strongly advise against going any route other than the one suggested?
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It’s a very dangerous workflow doing this for round trip and no, there is no way at all to go from CS5 and above to CS3. CS4 has to be in the mix.
If you want to stay in this business you’re going to need to buy a new computer. You can save a ton of money by moving to Creative Cloud and if you do so by August 31, you can get intro pricing of $29.99/month for the first year.