Can i use my three iphone sim card in a different phone (with the micro sim adapter)?

I have broken my iphone and can't afford to buy a new one. I'm looking for a cheaper alternative but am unsure about if the sim card will work in a different phone. I'm aware that i need a micro sim adapter but i don't know if the data, text and call allowances will be transferable between different. I have a three mobile sim card so therefore will get a phone either from three or a unlocked one.

As long as the phone is 3G compatible, and works on the Three network, yes!

The texts would not be on the SIM. All iPhones store the messages on device. The plan attached to the SIM would be on it of course.

Under the conditions you stated yes it would it would work.