解:$\because BC=3,AC=4,AB=5,\therefore BC^2+AC^2=3^2+4^2=25。$
$\because AB^2=5^2=25,\therefore AB^2=BC^2+AC^2。$$\therefore ∠ C=90°。$
解法一(切线长法):连接$OM,ON,OP。$
$\because \odot O$与$△ ABC$的三边分别相切于点$M,N,P,$
$\therefore CP=CN,BN=BM,AP=AM,OP⊥ AC,ON⊥ BC。$
$\because OP=ON,∠ C=90°,$$\therefore$ 四边形$OPCN$为正方形。$\therefore OP=CP。$
设$CP=CN=x,BN=BM=y,AP=AM=z。$
$\therefore \begin{cases}x+y=3,\\y+z=5,\\x+z=4,\end{cases}$ 解得$\begin{cases}x=1,\\y=2,\\z=3.\end{cases}$
$\therefore OP=CP=1,$即$\odot O$的半径为1。
解法二(面积法):连接$OM,ON,OP,OA,OB,OC。$设$\odot O$的半径为$r,$
则$S_{△ ABO}=\frac{1}{2}AB· r,$$S_{△ ACO}=\frac{1}{2}AC· r,$$S_{△ BCO}=\frac{1}{2}BC· r。$
$\therefore S_{△ ABC}=\frac{1}{2}r(AB+AC+BC)=\frac{1}{2}r×12=6r。$
又$\because S_{△ ABC}=\frac{1}{2}AC· BC=\frac{1}{2}×4×3=6,$
$\therefore 6r=6,$解得$r=1,$即$\odot O$的半径为1。