Show latest posts on homepage from subfolder WP installation

As the title says, my WP 2.6 installation sits in mydomain.com/blog. The frontpage (php file) of the domain sits in mydomain.com.

I’d like to extract the 3 most recent posts from the WP blog along with some post info like author name, date posted and a custom field assigned to each post (an image in this case).

I can’t access the WP functions in the root folder…or can I? How do I access the posts and details since WP sits in the /blog subfolder?

Any help would be appreciated. I’m going bonkers with this one.

Thanks.