You can steer as long as you've got three wheels. Not as well as with four of course. With a modern brake system, you should have some braking power too. I know someone who lost a wheel on an 1965 truck with a single chamber brake cylinder, so there was no pressure in the system as brake parts fell off with the wheel.
Could you please stop posting flamewar comments and stop using HN primarily for ideological battle? We have to ban accounts that do those things. They're not what this site is for, and destroy what it is for.