UPDATE 1-Motorcycling-Pedrosa wins Valencia after Stoner error

* Pedrosa takes advantage of Stoner crash on warm-up lap

* Spaniard secures third spot in MotoGP title race

* Champion Rossi second, Lorenzo third in sunny Valencia

(adds Pedrosa quotes, details, 250cc, 125cc results)

VALENCIA, Spain, Nov 8 (Reuters) - Spain's Dani Pedrosa took advantage of a Casey Stoner crash on the warm-up lap to win the Valencia Grand Prix on Sunday, his second victory of the season securing third place in the MotoGP world championship.

Ducati rider Stoner was due to start on pole and was bidding for a third straight win in the final race of the year but was unable to make the start after he flipped high into the air off the bike on the warm-up lap.

Pedrosa led the charge from the front row and never relinquished the lead. The victory at his home race lifted the Honda pilot above the Australian to third in the standings behind compatriot Jorge Lorenzo and champion Valentino Rossi.

Italian Rossi, who clinched his second successive MotoGP title in Malaysia last month, finished second in a sunny Valencia, almost three seconds behind Pedrosa, and Yamaha team mate Lorenzo was third.

"It's fantastic to win here and I really wasn't expecting it," Pedrosa said in a television interview after Stoner had dominated practice and qualifying all weekend.