Ok, the answers given so far are pretty good and I would always choose a graphical approach, but my experience tells my that some people have difficulties morphing graphs in their heads so here is a more formal way of doing it.
Close the circuit at points $A$ and $B$ with a voltage supply. You can identify three closed loops and apply Kirchhoff's second rule as indicated in my picture:
Assuming a voltage drop of $V$ between points A and B, we get:
$V = (I_1-I_2)R_1$
$0 = (I_2-I_1)R_1+(I_2-I_3)R_2$
$0 = I_3R_3+(I_3-I_2)R_2$
Now we want to replace the circuit one with only one resistor, $R_{tot}$, thus we want $V=-I_1R_{tot}$. Note the minus sign. This is because we actually have a drop, not an increase in voltage. If you forget it, it's not so bad, just keep in mind that the final resistance should be positive.
Now, we can turn this into a matrix equation:
$\begin{pmatrix}R_1+R_{tot} & -R_1 & 0\\-R_1 & R_1+R_2 & -R_2\\0 & -R_2 & R_2+R_3\end{pmatrix}\begin{pmatrix}I_1\\I_2\\I_3\end{pmatrix}=\begin{pmatrix}0\\0\\0\end{pmatrix}$
For this system to have a non-trivial solution, we need to have that the determinant of the coefficient matrix vanishes. This yields the equation:
$(R_1+R_{tot})(R_1+R_2)(R_2+R_3)-R_2^2(R_1+R_{tot})-R_1^2(R_2+R_3)=0$
Which can be solved for $R_{tot}$:
$R_{tot} = \dots = \frac{1}{\frac{1}{R_1}+\frac{1}{R_2}+\frac{1}{R_3}}$
Finally, we get the same total resistance we know we would get if $R_1$, $R_2$ and $R_3$ were in parallel. Therefore, the two circuits are equivalent.
Well, I guess this post turned itself into a reminder why you shouldn't try this in an exam.