My computing teacher thinks that you can connect three 10/100Base-T devices using the same 2 pairs, with no hubs or switches. Personally, I am skeptical (chances are the devices would not be able to handle the additional loading - as well as a completed impedance mismatch, and Auto-MDIX would go crazy), and think he is confused with the old coaxial Ethernet networks. What are your opinions?
Electrically, this could work - you wouldn't be able to use the longest cables, but all three devices should get adequate signal. That said, it's a horrible idea; the packets are routed based on the MAC number of the interface, and network routers, switches, hubs, etc. all depend on each MAC being at the end of a particular Ethernet segment. If you have multiple devices spliced into that segment, than the multiple MAC numbers would produce "undefined" results from the upstream devices.
Really, if you need to connect 3 devices - install a 4 port switch. They're inexpensive enough, and they'll use their internal intelligence to make sure the packets go to the right place.