Number of arrangements of red, blue, and green balls in which a maximum of three balls of the same color are placed in the five slots 
From the picture above I have five slots and a bag of balls (three) of color -red, blue and green...
Question
Now whenever I choose a ball, I note the colour and replace it in the bag, then I randomly keep choosing balls (independent event) until all five slots are filled and put them back in the bag..
How can I derive a formula to find all possible repetitive arrangements (exhaustive approach) with the condition that a MAXIMUM of THREE balls of the same color are in the five slots.
Note:
I have ask a similar question at Finding the Total number of permutation using a selective formula
In the accepted answer, there were five slots and five letters and all arrangements with a maximum of three letters were found using a pattern
$3-1-1: \binom5{1,2,2}\binom5{3,1,1}$
$2-2-1: \binom5{2,1,2}\binom5{2,2,1}$
$2-1-1-1: \binom5{1,3,1}\binom5{2,1,1,1}$
$1-1-1-1-1:\binom55\binom5{1,1,1,1,1}$ 
Now in this question the number of balls and slots varies
I would like to build from the pattern above answer using multinomials (since I don't want to write a  new algorithm again)

Came across it just now !
Since you wanted the same method, here it is.
Actually, you want to put five letters in three slots, which makes it easier than the answer you cited.
$3-2-0: \binom{3}{1,1,1}\binom{5}{3,2,0} = 60$
$3-1-1: \binom{3}{1,2}\binom{5}{3,1,1} = 60$
$2-2-1: \binom{3}{2,1}\binom{5}{2,2,1} = 90 \Rightarrow \boxed{210}$

Added Material
If you were thinking of programming it, the simplest way would be to use exponential generating functions, and find the coefficient of $x^5$ in $\;5!(x^0 + x^1 + \frac{x^2}{2!} + \frac{x^3}{3!})^3$,
the coefficients indicating that a particular letter has been used $0-3$ times, with correction for multiple use of a letter by division by the appropriate factorials to get the same answer
viz.  $\boxed{210}$
