Doctor B. said:
First, you can relax, there is no oral component. I took step III in Nov 2003 which was the middle of my second year. I used Crush Step 3, First Aid for Step 2, the NMS review for Step 3 (questions) and the St. Frances Guide to Inpatient Medicine (a book that I had from my medicine clerkship---didn't read it all but it has wonderful small chapters on how to manage certain diseases...very helpful). I studied for about 2-3 weeks for 3-4 hours a day (mostly at night). Much of the test was common sense---things you will remember from 3rd year rotations. I had several questions on the common disease like heart disease, diabetes, hypertension, etc. The test is broken up into 2 days. The first day is something like 8 blocks of questions. The second day is a few blocks of questions and then patient management cases. Those are kinda fun and break up the monotony of the multiple choice questions. The computer presents you with a case scenario and you can order anything, transfer the patient from office to ER or whatever. Some cases will be in the office setting and some in the ER or wards. You'll get samples and a tutorial with the Step 3 CDROM when you register.
It sounds daunting but it's not that bad. All the path residents I know have passed. The worst part was enduring 2 days of testing, actually. I'm sure you all will do fine.