In ArcGIS 9.x Raster Catalog, you can use a syntax like this:
[KALI-1415.jpg - Band_1] <= 50 & [KALI-1415.jpg - Band_2] >= 120 & [KALI-1415.jpg - Band_3] <= 173
In ArcGIS 10 Raster Catalog, use full catalog path names instead of layer names in the expression.
(("C:\Test\KALI-1415.jpg\Band_1") <= 50) & (("C:\Test\KALI-1415.jpg\Band_2") >= 120) & (("C:\Test\KALI-1415.jpg\Band_3") <= 173)
*KALI-1415.jpg is my example image.