1. For creating a new set of linearly independent composite scores? One variable.
2. For data reduction? Two.
3. For generating subsets of affine variables in order to best account for overall variance via some systematic structure? Two. (Note: if there's any possibility of measurement error and/or variance specific to individual variables, common factor analysis would be a preferable choice to PCA.)
4. For testing in measurement/SEM models? Three. (See note in #3 as well.)
5. For something else? You'll have to explain further.