This script will create an editable box that will match volume size of target(group, object, light, camera, spline, helper, basically anything that has a bounding box). In addition it will match name, position, and create UVW Mapping modifier(box), and setting mat id's uniques to all sides.
Script will then Isolate new objects and Create MultiMaterial & name submaterials
Thank you martin for providing guidance on calculating the bounding box values.
Additional Info
Provide feedback if this script works on other versions of max. Update Notes: 2011-08-05 - Isolate Object - Create MultiMaterial & name submaterials 2011-08-03 - Reset Pivot of origin object to center - Changed all Polygons to material ID #1(No longer valid)