  We study fluctuations of spin-polarized currents in a three-terminal
spin-valve system consisting of a diffusive normal metal wire connected by
tunnel junctions to three ferromagnetic terminals. Based on a spin-dependent
Boltzmann-Langevin equation, we develop a semiclassical theory of charge and
spin currents and the correlations of the currents fluctuations. In the three
terminal system, we show that current fluctuations are strongly affected by the
spin-flip scattering in the normal metal and the spin polarizations of the
terminals, which may point in different directions. We analyze the dependence
of the shot noise and the cross-correlations on the spin-flip scattering rate
in the full range of the spin polarizations and for different magnetic
configurations. Our result demonstrate that noise measurements in
multi-terminal devices allow to determine the spin-flip scattering rate by
changing the polarizations of ferromagnetic terminals.
