update value in row based on value in another row
You just need to use the FROM clause along with the query you already have:

UPDATE test set col3 = prev_col1 + prev_col2
FROM (
  SELECT t_stamp,
      lag(col1) OVER (ORDER BY t_stamp ASC) prev_col1,
      lag(col2) OVER (ORDER BY t_stamp ASC) prev_col2
  FROM test) prev 
  WHERE prev.t_stamp = test.t_stamp;