Hi icetray,
Since the question is worded in a "vague" way, you bring up an interesting interpretation of it. Thankfully, questions on the Official GMAT are worded to remove ambiguity and "bias" on the part of the reader, so you won't have to worry about that on Test Day. This prompt reads as if it were created by the original poster, so it's not clear what he/she was "intending" the question to mean.
As it is, your interpretation of the prompt makes a lot of sense - there does not seem to be any reason why we should emphasize the "order" of the letters (there's no reference to "first letter", "second letter", "third letter" and no reference to "arrangements"). Using post-boxes ABC would be same as BCA, CBA, etc., so if we interpret the prompt as a "combinations" question, then 7c3 = 35 would be correct.
GMAT assassins aren't born, they're made,
Rich