From what I have read and configured of the code the Arduimu v3 is a 9DOF sensor that has a 3-axis gyro, compass and accelerometer. From these sensors it is supposed to be able to combine the data into a useful set of pitch roll and yaw angles. 

However with the configuration parameters below I am still getting significant drift coming out of the device. It is pretty severe and is preventing me from getting useful readings 

#define BOARD_VERSION 3 // 1 For V1 and 2 for V2 and 3 for new V3

#if BOARD_VERSION == 3
#include "MPU6000.h"
#endif

#define GPS_CONNECTION 0 // 0 for GPS pins, 1 for programming pins

// GPS Type Selection - Note Ublox or MediaTek is recommended. Support for NMEA is limited.
#define GPS_PROTOCOL 4 // 1 - NMEA, 2 - EM406, 3 - Ublox, 4 -- MediaTek

// Enable Air Start uses Remove Before Fly flag - connection to pin 6 on ArduPilot
#define ENABLE_AIR_START 0 // 1 if using airstart/groundstart signaling, 0 if not
#define GROUNDSTART_PIN 8 // Pin number used for ground start signal (recommend 10 on v1 and 8 on v2 hardware)

/*Min Speed Filter for Yaw drift Correction*/
#define SPEEDFILT 0 // >1 use min speed filter for yaw drift cancellation (m/s), 0=do not use speed filter

/*For debugging propurses*/
#define PRINT_DEBUG 1 //Will print Debug messages

//OUTPUTMODE=1 will print the corrected data, 0 will print uncorrected data of the gyros (with drift), 2 will print accelerometer only data
#define OUTPUTMODE 1

#define PRINT_DCM 0 //Will print the whole direction cosine matrix
#define PRINT_ANALOGS 0 //Will print the analog raw data
#define PRINT_EULER 1 //Will print the Euler angles Roll, Pitch and Yaw
#define PRINT_GPS 0 //Will print GPS data
#define PRINT_MAGNETOMETER 1 //Will print Magnetometer data (if magnetometer is enabled)

// *** NOTE! To use ArduIMU with ArduPilot you must select binary output messages (change to 1 here)
#define PRINT_BINARY 0 //Will print binary message and suppress ASCII messages (above)

// *** NOTE! Performance reporting is only supported for Ublox. Set to 0 for others
#define PERFORMANCE_REPORTING 0 //Will include performance reports in the binary output ~ 1/2 min

/* Support for optional magnetometer (1 enabled, 0 dissabled) */
#define USE_MAGNETOMETER 1 // use 1 if you want to make yaw gyro drift corrections using the optional magnetometer

// Local magnetic declination (in degrees)
// I use this web : http://www.ngdc.noaa.gov/geomagmodels/Declination.jsp
#define MAGNETIC_DECLINATION -14.0 // corrects magnetic bearing to true north
// Magnetometer OFFSETS (magnetometer calibration) (only for ArduIMU v3)
#define MAG_OFFSET_X 0
#define MAG_OFFSET_Y 0
#define MAG_OFFSET_Z 0

/* Support for optional barometer (1 enabled, 0 dissabled) */
#define USE_BAROMETER 0 // use 1 if you want to get altitude using the optional absolute pressure sensor
#define ALT_MIX 50 // For binary messages: GPS or barometric altitude. 0 to 100 = % of barometric. For example 75 gives 25% GPS alt and 75% baro