We present the third data release of the RAdial Velocity Experiment (RAVE) which is the first milestone of the RAVE project, releasing the full pilot survey. The catalog contains 83,072 radial velocity measurements for 77,461 stars in the southern celestial hemisphere, as well as stellar parameters for 39,833 stars. This paper describes the content of the new release, the new processing pipeline, as well as an updated calibration for the metallicity based upon the observation of additional standard stars. Spectra will be made available in a future release. The data release can be accessed via the RAVE Web site.