  We present a detailed analysis of high-resolution Chandra observations of the
merger system NGC3256, the most IR luminous galaxy in the nearby universe. The
X-ray data show that several discrete sources embedded in complex diffuse
emission contribute ~>20 of the total emission (L_x^tot ~8E41 ergs/s in the
0.5-10 keV energy range). The compact sources are hard and extremely bright and
their emission is probably dominated by accretion driven processes. Both galaxy
nuclei are detected with L_x ~3-10E40 ergs/s. No evidence is found for the
presence of an active nucleus in the southern nucleus, contrary to previous
speculation. Once the discrete sources are removed, the diffuse component has a
soft spectrum which can be modelled by the superposition of 3 thermal plasma
components with temperatures kT = 0.6, 0.9 and 3.9 keV. Alternatively, the
latter component can be described as a power-law with index Gamma ~3. Some
evidence is found for a radial gradient of the amount of absorption and
temperature of the diffuse component. We compare the X-ray emission with
optical, Halpha and NICMOS images of NGC3256 and find a good correlation
between the inferred optical/near-IR and X-ray extinctions. Although Inverse
Compton scattering could be important in explaining the hard X-rays seen in the
compact sources associated with the nuclei, the observed diffuse emission is
probably of thermal origin. The observed X-ray characteristics support a
scenario in which the powerful X-ray emission is driven solely by the current
episode of star formation.
