one subnet, no
the same /24, yes
you can make a ptp setup for each link, in which case
A connects to B
A connects to C
B connects to C
each of these would require a different instance of openvpn, so:
B would run a listening daemon for A to connect to
C would run a listening daemon for A to connect to
C would run a listening daemon for B to connect to
each of these 3 links would only require 2 IP addresses, although all would be using 255.255.255.255 (therefore not in the same subnet as the others).
These are called ptp configs.
in the manual at
www.openvpn.net/man-beta there is a section called Examples:
Example 2 does what you need.
Example 3 does it with better security.