How to shrink-wrap a mesh over another (3DS MAX 4.2)

[Little Nicky]

I was wondering if there was a way to get a mesh (a leather suit, for instance) and shrink-wrap it over another mesh(s) (let's say: someones body) and have it stretch and bulge like it naturally should. Is there any way to do this (without using reactor:cloth) in 3DS Max or a plugin (preferably a free one) for Max?

I searched the forums but couldn't find anything — I know there is a way though — you can do it in ZBrush and it was done for all the characters in The Lord of the Rings.

Thanks.