I think that's actually what the next assignment is. I've made a model and I've keyframed a skeleton, but never combined the two. Also, 3DS Max isn't really a strong animation tool, Maya and SoftImage XSI are better for that.
Our teacher has been lecturing us on it, though. The newest version of Max lets you create a bipedal skeleton instantly, which you can animate. What our teacher did was throw together a quick human model, skin it (so you can attach the bones) and attach the bones of the skeleton to the appropriate parts of the model, and then use a walking template to animate it, raising steps and rotating the path it followed. You can scale the bones to change the amount of influence they have when animating. He's been modeling for 15 years, so he threw this together in about an hour and a half. He also showed us a script that generated bones for facial animation (normally you have to handplace each one).
But I don't really know enough about that yet. There are quite a few tutorials and things floating around the internet, though.