If you use the third argument in Solve, i.e. a list of variables to be eliminated (take a look at the Eliminating Variables tutorial in Mathematica) then you'll get the result immediately :
Solve[{a b c == -1, a^2/c + b/c^2 == 1, a^2 b + b^2 c + c^2 a == t, a b^5 + b c^5 + c a^5 == res}, {res}, {a, b, c, t}]
{{res -> 3}}
Edit
It should be underlined that Solve appears to be smarter than Eliminate due to its improvement in Mathematica 8, look at its options, e.g. MaxExtraConditions, Method ( Method -> Reduce). However most of the update of Solve is hidden, but in general it shares its methods with Reduce. Defining
system = { a b c == -1, a^2/c + b/c^2 == 1, a^2 b + b^2 c + c^2 a == t, a b^5 + b c^5 + c a^5 == res };
then it works too
Solve[ system, {res}, {a, b, c}]
{{res -> 3}}
while it doesn't in Mathematica 7 yielding
No more memory available. Mathematica kernel has shut down. Try quitting other applications and then retry.
and your original problem should be evaluated this way (you've lost t):
Eliminate[ system, {a, b, c, t}]
res == 3
and it works in Mathematica 7 as well.