Apple's Facetime lets you videochat with a friend, sure. But what about three friends? For that, you need Fring.
Fring is an iPad app that is similar to Facetime, but it lets you have a regular old tablet party with up to four people. It also works over a cell signal instead of just WiFi like Facetime. It's free, and you can even chat with people using the Fring app on non-iOS devices. Of course, all of your friends will need to get Fring in order to chat with you, unlike Facetime, which is baked right into iOS. But if you really, really need to talk to three people at once, this looks like your best bet.