We introduce the three-mode optoacoustic parametric amplifier (OAPA), a close analog of the optical parametric amplifier, for macroscopic quantum mechanics experiments. The radiation pressure reaction of light on the reflective surface of an acoustic resonator provides a nonlinearity similar to the Kerr effect in the optical parametric amplifier. The OAPA can be tuned to operate in a positive gain regime where acoustic signals are amplified or in a negative gain regime where acoustic modes are cooled. Compared with conventional optoacoustic devices, (i) the OAPA incorporates two transverse cavity modes such that the carrier and sideband fields simultaneously resonate, and (ii) it is less susceptible to the laser phase and amplitude noise. These two features significantly ease the experimental requirements for cooling of acoustic modes to their quantum-ground state and creating entangled pairs of phonons and photons.