I'd like to do that in literally the cheapest way possible. I know nothing tends to be cheap with Adobe, but I was wondering what the best way to go from the Master Suite CS3 to CS5 would be, and if licenses change can from student to commercial over upgrades (or do I need to buy the entire Master Suite over again?) Do I need to go through CS4 to get to CS5? Is there any remotely cheap way to do this? Thanks.
Yes, you can directly upgrade from student to commercial and get the lower upgrade pricing - that's one of the advantages once you own the student editions...
However, if you happen to still be in school then you can continue to get student pricing of a full copy of CS5.5 -- so you would need to compare the upgrade price above versus the cost of a brand new student edition, and take whichever was lower.
And you don't need to go through CS4 in either event -- just upgrade directly from CS3 to CS5.5 Commercial in the first case, or buy the CS5.5 Student Edition outright (if you still qualify) in the second.
Hope this helps!