New Updated ImporterEdit
It would appear that there is a new importer which can import animations as well as texture coordinates. However the texture must be imported manually: http://www.moddb.com/games/quake-iii-arena/downloads/blender-md3-import-export-tool
Script Name: MD3 Import 234
Version: md3import234.py 0009 (2004.10.23), md3.py 0004 (2002.03.07)
Tooltip: Import ID Software MD3 format.
Installs in: Script Menu: 'Import'
Included in Blender 2.42a: No
Licence: Copyright 2004 PhaethonH. Permission granted to use, copy, distribute, and modify, provided this copyright notice remains intact. Software is provided as-is, with absolutely no warranty of any kind.
Blender Version: 2.34
Files: md3import234.py, md3.py
Bpy modules: ..Bpy data: ..Dependencies:
Animation is not imported yet.
Textures and texture coordinates are not imported.