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The out-of-turn is binding only if the interveing player folds. In that situation, there is no valid reason to allow Player 3 to change his mind. His call, out of turn, reveals his intent to call the all-in if nobody else had called or raised before him. So when the intervening player folds, you should make the verbal declaration out of turn binding.

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Well I can think of a scenario where the players out of turn action didn't indicate an intent to call if there was no call or raise before him. Suppose that that player two is thinking about his action, and says something which is misheard by player 3. Player 3 mistakenly believes that player two has called. Player three had decided that if player 2 had called he would call because of the pot odds, but he would not call if player 2 folded. Player three announces his call thinking Player 2 had called. Now player two says hey I didn't act yet. This is particularly prone to happen if there is a player sitting between player 2 and player three who is already out of the hand