In which program i combine animated bmp images with their grayscale for alpha blending?

I am using 3dmax4 for animations,i generally use Png. formats for such things.But in DX how should I arrange these animations?Also can you explain me to create animated bmp files with their grayscale(?)(I could not arranged them correctly at adobe photoshop).Can you please describe the process to be applied?
Arez
Thanks...
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OK, objects are animated in DX with image strips; in other words, the different frames of the animation must be placed next to each other in one long image strip.
Since DX now supports alpha-blended PNGs, you don't need to make BMPs nor the grayscale transparency mask that was required then to create the alpha-blending. Just make the alpha-blended PNGs the way you're used to, and make a image strip accordingly.