Made by who? Naughty Dog?
I'd imagine the best way to revive the Crash Bandicoot series these days would be to make budget-price downloadable titles. Make them as a homage to the original 3 Crash Bandicoot games with HD graphics. A lot like Retro did with Donkey Kong Country Returns.
I don't think Crash would actually do very well in the 3D space. In my opinion, it was never really a 3D game in the sense that Mario 64 or Spyro were, you were always confined into either running up the screen or running across it, with a little leeway either side.
So making the game as a tribute to the first 3 would be a better option.
edit: And yes, I think it would sell well if Sony got their hands on it again. The Crash games always seem to be the most downloaded PS1 classics every month.
