This is coming out of an obviously biased source since I'm a huge 3rd Hokage fan, but how can he not win?
Orochimaru, with the help of Tsunade both got ****ed up by an armless Orochimaru while Third Hokage fought Orochimaru at his best, with the the first hokages and all and managed to totally deplete him of his ninjutsu.
Third Hokage is a beast, even in a state of senility he still managed to stop an entire allied invasion into his home village.