Revises the three strikes law to impose a life sentence with possibility of parole only when the third or subsequent conviction is for a violent felony, unless the new offense is a specified sex- or firearm-related crime, or a prior offense was for rape, child molestation, or murder. Requires resentencing of inmates currently serving life with possible parole if they would have received different sentences under this measure. Applies savings to schools, colleges, prison rehabilitation programs, and youth crime prevention programs. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Net state criminal justice system savings that would likely be in the high tens of millions of dol...