Inspired by this writeup, I did a little digging, and found the following (very interesting sounding) article:
Irving, Robert W., and Fraser, Campbell. "Two Algorithms for the Longest Common Subsequence of Three (or More) Strings." Lecture Notes In Computer Science; Vol. 644; Proceedings of the Third Annual Symposium on Combinatorial Pattern Matching. London, UK: Springer-Verlag, 1992. Pages: 214 - 229
On ACM
Citations via CiteSeer
Alas, I am not an ACM subscriber. Perhaps I'll get lucky using Inter-Library Loan. ;-)