The spin-wave excitations of the geometrically frustrated triangular lattice antiferromagnet CuFeO2 have been measured using high resolution inelastic neutron scattering. Antiferromagnetic interactions up to third nearest neighbors in the ab plane (J1, J2, J3, with J{2}/J{1} approximately 0.44 and J{3}/J{1} approximately 0.57), as well as out-of-plane coupling (J{z}, with J{z}/J{1} approximately 0.29) are required to describe the spin-wave dispersion relations, indicating a three-dimensional character of the magnetic interactions. Two energy dips in the spin-wave dispersion occur at the incommensurate wave vectors associated with multiferroic phase and can be interpreted as dynamic precursors to the magnetoelectric behavior in this system.