Very similar to Ignacio's answer, but for a tiny cue ball:
list3 = [sum(i) for i in zip(list1, list2)]
or
list3 = map(sum, zip(list1, list2))
I prefer the map version myself.
Edit: As JBernardo rightly points out, if you are using Python 2.x, you should replace zip with your iterator in itertools.izip for efficiency, but zip uses the default iterators in Python 3.
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