There are ways to do so with FFD Modifiers applied to your object stack, and heck you can do so with manipulating sliders assigned to various parts of your can object.
Max comes with some cool tuts about character animation (specifically head controls, ie. eyes, mouth, cheeks, etc). You should be able to apply the same methods to your can. I know it isn't much to go on at the moment sorry, I have to run off and finish some work.
If the tutorials within Max don't help you, which I highly doubt, then check out this guys website. Richard Rosenman, some very good info on VRay (a 3rd party Renderer for Max) is under his Gallery.
However he has some info regarding a Diet Pepsi commercial he worked on that may strike your fancy. Check out the gallery for more...