What's the third most common element (in the universe)? tl;dr: Oxygen But it's worth reading the article to learn why.
Note that the very interesting graph near the end of the article actually displays element abundance in the solar system, not in the universe. (Found that out when looking it up in Wikipedia.) The article misrepresents this!
Link: http://commons.wikimedia.org/wiki/File:Nucleosynthesis_perio...