  We give a complete classification of simple representations of the braid
group B_3 with dimension $\leq 5$ over any algebraically closed f ield. In
particular, we prove that a simple d-dimensional representation $\rho: B_3 \to
GL(V)$ is determined up to isomorphism by the eigenvalues $\lambda_1,
\lambda_2, ..., \lambda_d$ of the image of the generators for d=2,3 and a
choice of a $\delta=\sqrt{\det \rho(\sigma_1)}$ for d=4 or a choice of
$\delta=\sqrt[5]{\det \rho(\sigma_1)}$ for d=5. We also s howed that such
representations exist whenever the eigenvalues and $\delta$ are not roots of
certain polynomials $Q_{ij}^{(d)}$, which are explicitly given. In this case,
we construct the matrices via which the generators act on V.
  As an application of our techniques, we also obtain nontrivial q-versions of
some of Deligne's formulas for dimensions of representations of exceptional Lie
groups.
