The integral
$$\int_{-\infty}^{\infty}\frac{1}{x^3} dx$$
does not exist. This is because the function blows up too rapidly near $x = 0$: the limits
$$\lim_{a \rightarrow 0^+} \int_a^{1} \frac{1}{x^3} dx$$
and
$$\lim_{a \rightarrow 0^-} \int_{-1}^{a} \frac{1}{x^3} dx$$
do not exist, and therefore
$$\int_{-1}^{1} \frac{1}{x^3} dx$$
does not exist. I limited the integration interval to $[-1,1]$ to highlight that the problem is with the blow-up at the origin, not with the tails.
The principal value of the integral, defined as
$$\lim_{a \rightarrow 0^+} \left[\int_{-1}^{-a} \frac{1}{x^3} dx + \int_{a}^{1} \frac{1}{x^3} dx\right]$$
does exist and equals zero. This is because the two integrals inside the brackets are finite and have opposite sign, so they cancel each other out. To distinguish the principal value from the ordinary integral, we sometimes write
$$\text{PV}\int_{-1}^{1} \frac{1}{x^3} dx = 0$$