This old video shows a very basic way of adding and using morph targets.
As hihosilver has said, terranim8or is a good option.
But if you are wanting to use anim8ors morph targets, for an explosion, i'm sure its possible.
Your initial object would probly be the 'exploded' version, with all the little bits spread out. That would make it easier to add the target, which would be all the little bits moved into the 'unexploded shape'
Then, when in scene mode, you would start with your object having a morph value of 1. (all joined 2gether)
To make it explode, you would add a morph value of 0, which would open it up to the spread of your initial object. Then, by going into negative values, the little bits would spread further apart.
I used that principle in 'Eart', when he blows up the inert star to create a solar system.
Not that convincing, but the theory is there.