Ruby, 43 characters
bignum supported, with stack overflow susceptibility:
def c(n)p n;n%2>0?c(3*n+1):c(n/2)if n>1 end
...and 50 characters, bignum supported, without stack overflow:
def d(n)while n>1 do p n;n=n%2>0?3*n+1:n/2 end end
Kudos to Jordan. I didn't know about 'p' as a replacement for puts.
