Don't believe 2 sidebars and a bit is going to fit in such a confined space, and the content will be reduced to navigation and ads. That won't be friendly for members, trying to read their email in a small box.
TIP: Friendliest navigation is on the right side by the scrollbar. Higher the resolution of a monitor, longer the mouse play to just reach the links to anywhere. Left side navigation wasn't a problem when standard resolution was 640x480, but the standard now is 1024x768, with 1440px wide LCDs becoming more popular. Reducing the mouseplay helps your members to do more, and hang around to post more, too.
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