AN ACR FLC FLYING A DC10-10 FROM SFO TO HNL EXPERIENCES AN ENG FAILURE ENRTE AND RETURNS TO SFO.

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EVENT WAS A SCHEDULED ACR FLT FROM SFO TO HNL. START; TAXI; TKOF AND CLB WERE NORMAL. APPROX 1 HR AFTER TKOF #3 ENG (R WING ENG) OIL LOW PRESSURE LIGHT ILLUMINATED; ACCOMPANIED BY THE #3 OIL PRESSURE INDICATOR CONFIRMING WITH NEEDLE BELOW THE RED LINE. ALL OTHER ENG INDICATIONS WERE NORMAL. OUR CREW PROCEEDED TO EXECUTE APPROPRIATE CHKLISTS AS PER COMPANY PROCS WHEN A LOUD 'BANG' WAS HEARD; ACCOMPANIED BY A SWERVE/YAW. THE #3 ENG INSTS INDICATED ENG FAILURE/DAMAGE. I IMMEDIATELY DISCONNECTED THE AUTOPLT AND TURNED R (N)) OFF THE TRACK. APPROPRIATE RADIO CALLS WERE MADE AND EMER WAS DECLARED. MAX GLIDE IAS OF 280 KTS WAS ESTABLISHED AND DSCNT WAS MADE TO FL270. CLRNC BACK TO SFO WAS RECEIVED FROM COMMERCIAL RADIO. 5000 LBS TO FUEL WERE JETTISONED AND AN UNEVENTFUL APCH AND LNDG WERE MADE. LESSONS LEARNED...WITH REDUCED SPACING ON OCEANIC TRACKS (RVSM) NOW IN EFFECT; IT IS IMPERATIVE THAT USERS IMMEDIATELY TURN OFF THE TRACK/AIRWAY IF THEY CANNOT MAINTAIN ASSIGNED ALT. EVERY PLT SHOULD ALWAYS BUILD 'WHAT IF' SCENARIOS SO IF AN EMER OCCURS; THE CORRECT RESPONSE HAS ALREADY BEEN REHEARSED ON ONE'S MIND.